Mr Soros has great visions for Gazprom

So far, only one non-Russian company has been allowed to buy directly into the group, Gazprom's German business partner Ruhrgas which acquired a 5% stake in the company in 1998.

Other foreign investors who want exposure to Gazprom have to invest in American Depositary Shares (ADS) which trade at a vast premium to local shares.

The vision was aired just over a week after the company's long time chief executive Rev Vyakhirev was replaced by the former deputy energy minister Alexei Miller.

Analysts welcomed Mr Miller, not least because his arrival was seen as a clear indication that Russia is serious about reforming Gazprom.

Soros' plan

Mr Soros believes his plan for Gazprom could help boost its share price.

Every American Depositary Share holder, in addition to holding an ADS, would also have the right to buy an additional share in the domestic market.

George Soros International financier

His plan is relatively simple: "Every ADS holder, in addition to holding an ADS, would also have the right to buy an additional share in the domestic market," Mr Soros said.

This, Mr Soros argued, would increase supply of Gazprom shares for foreigners who would reason that the current system is breaking down.

Consequently they would be keen to buy into the company, and the rise in demand would push up the price of both ADSs and local shares, he argued.

Sceptical reception

Russia's economy and trade minister German Gref said Mr Soros' proposal would be considered along with an alternative plan that aims to hold auctions to convince ordinary shareholders to convert their stock to ADSs.

But, commenting on Mr Soros' plan, he appeared to be sceptical.

"That is more likely to depress the shares abroad because additional supply comes on the market and the potential buyers are more likely to wait for the price to come down," he said.

"This is rather a technical matter, but this is a subject where I can consider myself an expert," he added.

Government control

Regardless of how and if foreign investors are allowed to invest directly in Gazprom shares; it seems unlikely that Vladimir Putin will let go of his newly won control of the company.

Analysts say that the key reason for the appointment of Alexei Miller, a personal acquaintance of Vladimir Putin, is so that the government gets a better grip on what is happening inside the company before shaking it up.

But even after a restructuring, it is unlikely that the government will pull out altogether.