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You're reading: Naftogaz, Gazprom joint venture remains most likely

A joint venture between the Russian state-controlled natural gas company Gazprom and Ukraine’s state-owned Naftogaz remains the most likely outcome of the long-running negotiations between the two groups over potential collaboration.

While a straight merger was initially discussed and, in theory, at least remains on the table, this option presents far more problems than it solves, according to industry sources.

A Moscow-based lawyer noted that from the Russian point of view, a merger handing up to 10 percent of Gazprom to the Ukrainian government was politically unpalatable, while for the Ukrainians to have to give up control of their strategic gas transportation pipeline system would also be very uncomfortable.

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