Gazprom said it would buy new shares in Russian wholesale power generation company OGK-2 in an attempt to win majority control of the utility following an upcoming initial public offering.

Gazprom had earlier this summer signed an agreement with Unified Energy Systems to swap its shares in UES for a substantial stake in OGK-2 as part of a complex restructuring programme of the electricity monopoly. OGK-2 is being spun off from UES along with 19 other generation companies as part of an industrial overhaul aimed at raising $120bn in investment to upgrade capacity.