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First payment for Gazprom shares to be made by July 23

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MOSCOW, July 20 (RIA Novosti) - Russian Minister of Economic Development and Trade German Gref said Wednesday the first payment for Gazprom, Russia's natural gas monopoly, shares will be made by July 23.

However, the minister withheld comment on which banks would offer a loan to state-run Rosneftegaz to pay for the 10.7% of Gazprom shares.

Some media reported that Rosneftegaz intended to take up a syndicated loan from six Western banks, including ABN, Amro, and Dresdner Bank.

To take a controlling stake in Gazprom, Rosneftegaz bought 10.7% of its shares on the balance sheet of its subsidiaries: Gazprombank, Gazprominvestholding, Gazfond, and Gazprom Finance B.V.

After consolidating the shares, Rosneftegaz, i.e. the state, gained a controlling stake in the Russian gas monopoly, which was the main reason for liberalizing Gazprom's shares.

Payment on the deal is to be made in three payments: the first payment (due by July 23), the second payment (by October 25), and the final payment (by December 25, 2005).

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