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SIBNEFT AND TNK BECAME OWNERS OF SLAVNEFT OFFICIALLY
24 Jan 2003
On January 21, Slavneft became property of Invest-Oil representing the interests of Sibneft and TNK officially. On December 18, Invest-Oil won the privatization auction and received the right to buy out 74.95% of Slavneft shares for $1.86 billion. According to the terms of the auction, the new owners of Slavneft had to pay for the shares not later than on February 15. However, Sibneft and TNK decided that it was technically possible to transfer the money earlier and transferred the ruble equivalent of the sum on January 18. On January 21, the shares of Slavneft were handed over to the new owner. However, Invest-Oil is their nominal intermediary holder. The fate of Slavneft will be finally defined by the end of winter. At present, there are two scenarios for development of events. The first scenario implies division of Slavneft assets between Sibneft and TNK. According to the second scenario, Slavneft will become property of Sibneft and TNK will receive a stake in the united company. So far, Slavneft continues independent operations. It is the ninth largest oil company in Russia. Its proved reserves amount to 2.54 billion barrels.
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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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