TNK WINS TENDER TO MANAGE ROSPAN INDEPENDENT GAS PRODUCER
15 Jan 2003

Russian oil major Tyumen Oil Company has won a tender to manage independent Russian gas producer Rospan International, TNK and oil major Yukos said in a statement Tuesday. The bids were considered based on suggested net cash inflows, which stood at U.S. $741 million in a TNK-prepared business plan. The tender was conducted by PricewaterhouseCoopers on December 30. Yukos was the only other bidder. Yukos holds 56% in Rospan, while TNK has 44%. Rospan, a former subsidiary of Russian gas giant Gazprom, owes $2.7 billion to Yukos and TNK. Rospan produced more than 1 billion cubic meters of gas and 300,000 tonnes of gas condensate in 2002. Its reserves are estimated at 950 billion cubic meters of gas and 180 million tonnes of condensate.

CTF Holdings Ltd.

Alfa Group Consortium is one of Russia’s largest privately owned financial-industrial conglomerates, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, media, technology, as well as other industrial-trade and special-situation investments.

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