Gazprom Neft was created under the name Sibneft (Russian: Сибнефть) in 1995
In 1996 and 1997, Sibneft was privatised through a series of loans-for-shares auctions. Roman Abramovich and Boris Berezovsky acquired the company for US$100 million, after bidding through several front companies that had been set up for this specific purpose. Initially controlled by Berezovsky, Sibneft later came under the control of Abramovich.
Sibneft twice unsuccessfully attempted a merger with Yukos that would have created Russia’s largest oil company, YukosSibneft. The first attempt in 1998 failed over a management dispute, while second time round Sibneft’s shareholders called off the deal in November 2003 after the federal government cracked down on Yukos despite the process already being well under way.
In September 2005, Gazprom bought 75.7% of Sibneft’s shares from Millhouse Capital (Roman Abramovich’s investment vehicle) for US$13.1 billion in Russia’s largest corporate takeover. In May 2006, Sibneft was renamed Gazprom Neft.
The principal owner of Gazprom Neft is OAO Gazprom, which controls 95.68% of the company’s shares, while the remaining 4.32% are publicly traded. 20% of Gazprom Neft’s shares were originally owned by the Italian oil and gas company Eni before being purchased by Gazprom for $4.1 billion in April 2009. Alexander Dyukov is CEO and Chairman of the management Board. Alexey Miller is Chairman of the Board.