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"Tyumen, Itera Create JV To Manage Gas Producer Rospan"
02 Nov 2001
Russian natural gas distributor Itera Holding (R.ITE) and the country's fourth-largest oil producer, Tyumen Oil Co. (R.TYO), said Thursday that they will create a joint venture based on assets of Itera's subsidiary, Siberian gas producer ZAO Rospan.
Tyumen bought more than 50% of Rospan's debt in June in order to take over the indebted company and diversify into the gas business. The 50% of debt was 1.5 billion rubles ($1=RUB29.68).
In August, Itera offered to buy the debt from Tyumen, but Tyumen turned this down.
According to the new agreement, Itera will own 56% of Rospan while Tyumen will hold 44%. Tyumen and Itera will have equal rights to manage and control the production and financial operations of the joint venture, the statement said.
Analysts said the creation of the joint venture is a big gain for Tyumen.
"Tyumen entered the sector of the independent gas producers and it is an important victory for the company," said Ivan Mazalov, oil and gas analyst at Troika Dialog.
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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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