The board of Russian oil producer Sibir Energy PLC's (SBE.LN) has approved OAO Gazprom Neft's (SIBN.RS) offer for minority shares in the company at 500 pence a share in cash, the company said in a statement Tuesday.

The shares in Sibir owned by Bennfield Limited, Central Fuel Company and the Bank of Moscow aren't covered by the offer, the company said in a statement.

Late last week, Gazprom Neft had already amassed a 27.5% stake in Sibir, which produces oil at the Salym field in Western Siberia and operates a refinery in Moscow.

Analysts said Gazprom Neft will be able to maximize value from these assets by consolidating with Sibir.

Sibir Energy has been dogged by corporate governance issues since it agreed to buy distressed real estate assets from its core owner Chalva Tchigirinski in October last year. The company operates a large Siberian oil field with Royal Dutch Shell PLC (RDSB.LN) and holds a 50% stake in the Moscow Refinery, plus retail outlets in Moscow.

-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; james.herron@dowjones.com
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