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To: pt who wrote (26580)	7/27/1998 6:52:00 AM
From: P.Prazeres	Read Replies (1) \| Respond to of 95453

Russia to Prepare Sale of Gazprom Stake, Valued at $1.49 Bln Moscow, July 27 (Bloomberg) -- Russian President Boris Yeltsin ordered the government to prepare the sale of a 5.87 percent stake in OAO Gazprom, the world's largest natural gas monopoly, to boost state budget revenue. The stake is valued at $1.49 billion, based on the price of Gazprom's American depositary receipts, which trade at a premium to Gazprom shares. Yeltsin's decree, signed this weekend, calls on the government to propose a plan for reducing its stake in Gazprom to 35 percent from the current 40.87 percent, his press service said. Russia's government, which has struggled the past two months to meet more than $1 billion in weekly debt payments, is trying to boost budget revenue through improved tax collection and other measures. Last month, Gazprom Chief Executive Rem Vyakhirev offered to sell part of the government's Gazprom stake to raise as much as $1 billion for the federal budget. He named ENI SpA of Italy and Royal Dutch/Shell Group as likely buyers for a 2 percent or 3 percent stake. Gazprom ADRs closed Friday in London at $10.70. Each ADR represents 10 ordinary Russian shares. Gazprom shares closed Friday at 39.3 cents.