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So far, the matter at stake is just implementing a big project of constructing blocks of buildings, said St. Petersburg Vice Governor Alexander Vakhmistrov.
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June 08, 2006
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Gazprom Neft Willing to Invest in Real Estate
Gazprom Neft (former Sibneft) is willing to invest over 1.5 billion rubles this year in constructing commercial and housing premises in St. Petersburg. The money will be provided by municipal authorities to build Gazprom City there, but the company wont be able to spend the funds in line with the allocation target.
The budget transfer to Gazprom Neft is spelled out in the agreement for constructing Gazprom City in St. Petersburg (more than a million sq meters in area and including a 300-meter skyscraper). Under the agreement, St. Petersburg has undertaken to allocate 60 billion rubles during ten years, i.e. 6 billion rubles a year, starting from 2007, to construct a business center, which will be ultimately owned by the gas monopoly.

Gazprom Neft wont be able to handle 2 billion rubles provided this year, said the companys representative Alexey Serditov. As there is no way to carry over the funds to the next years budget, Gazprom Neft suggested using them for commercial, housing or other construction and has been upheld by the citys authorities. In the next move, the money derived on the real estate market will be forwarded to the basic project, Gazprom City, representatives of Gazprom Neft specified.

So far, the matter at stake is just implementing a big project of constructing blocks of buildings, said St. Petersburg Vice Governor Alexander Vakhmistrov without elaboration.

In this undertaking, Gazprom Neft is challenged by another vice governor of St. Petersburg, Mikhail Oseevsky, who supervises economy and money of the city and who insists on the target spending of provided funds. We are ready to allocate money to have headquarters of Gazprom Neft in St. Petersburg. But the money wont go for any other purpose, Oseevsky made clear.
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All the Article in Russian as of June 08, 2006

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