MOSCOW - Gazprom has abandoned its media assets,” the holding’s press service reported. 95.13 percent of Gazprom-Media owned by Gazprom, 4.44 percent of NTV Television, 100 percent of PRT-1 which owns 14.7 percent of NTV Television, 14.31 percent of Media-Most and 1.73 percent of TNT-Teleset were transferred to Gazprombank.

The transferral was part of a deal involving the exchange of assets. In return, Gazprom obtained 100 percent of Gas and Energy Company, 5.2 percent of RAO UES Russia as its core asset, from a Gazprombank subsidiary. Additionally, Gas and Energy Company is set to purchase another 5.19 percent in RAO UES Russia from Gazprombank. Eventually, Gas and Energy Company will hold 10.49 percent of the Russian energy holding. The transfers were approved by Gazprom’s board of directors. The exchange of assets will enable Gazprom to make energy engineering a core business.

As reported earlier, the forthcoming asset exchange was declared at Gazprom’s general shareholders’ meeting on June 24. Alexey Miller, the gas holding’s chief, reasoned that part ownership of an energy company would permit the holding to make high-value-added products and help insure itself against inflating energy prices. In his opinion, the world’s largest oil and gas companies, like Shell, BP, ENI, Total, are now continually expanding into energy engineering, redefining their status as global energy companies.

Alongside a 10-percent shareholding of RAO UES of Russia, Gazprom also owns over 25 percent of Mosenergo.

Gazprom-Media is the country’s largest media holding incorporating NTV, TNT and NTV-Plus television companies, five radio stations, Seven Days Publishing House and NTV-Media, a media buying company. Gazprom-Media’s annual profit exceeds USD400m.