Gazprom is setting up a major venture fund

Russian energy giant Gazprom intends to establish a venture fund, Gazprom Venture, with initial assets of RUR900mn ($32.5mn, or €22.1mn) and plans to increase them to RUR 20bn in 5 years. The fund will be managed by Gazprom's subsidiary - UK GPB Upravlenie Aktivami, which will own 51% of Gazprom Venture shares. The rest of the shares will go to other Gazprom structures. Still, the company doesn't mind attracting other investors - like RVC, for example.