By KIRILL KUDRYAVTSEV / Reuters Russia’s state-owned gas company Gazprom announced Tuesday that it would buy Russian-controlled Eni-Petrol for $3 billion, the largest single purchase in Russian energy history.

The company, the country’s largest publicly traded oil and gas producer, said it would merge Eni’s energy assets and become a new company.

Eni-PETrol will be renamed EniPetrol S.A., the company said in a statement.

Gazprom is looking to expand its presence in Russia and its relationship with other state-controlled oil companies, such as Rosneft, as well as boost its global reach.

Russian President Vladimir Putin is seeking to expand Russia’s energy sector to rival the United States and Europe’s oil companies.

Russia’s energy industry is the world’s fourth-largest after China, Iran and Iraq, but its economy is in free fall, as the ruble has fallen more than 60% against the dollar in the last year.