UAE’s company to take Gazprom stake

MOSCOW: Abu Dhabi´s state-owned Mubadala Investment Company has acquired a 44 percent stake worth at least $271 million in an oil subsidiary of gas giant Gazprom, the Russian company said on Thursday.

Middle East oil producers and Russia have forged closer ties since striking a deal to cut global crude output in a bid to remove a glut in supplies. The pact between OPEC, Russian and other producers has been implemented since January 2017.Gazprom said its board of directors had agreed to sell 44 percent of its subsidiary Gazprom Neft-Vostok to Mubadala Petroleum, which is owned by the Mubadala fund in the United Arab Emirates.