Sibneft to Sell 38% of Orenburgneft, 1% of ONACO to TNK
24 Mar 2003

INTERFAX Tyumen Oil Company and Sibneft have reached agreement on the sale to TNK of 38% of Orenburgneft and 1% of ONACO belonging to Sibneft, TNK and Sibneft said in a joint press release. The decision to consolidate the ONACO assets was reached as part of preparations to divide Slavneft assets. The partnership between TNK and Sibneft for the joint management of ONACO and Slavneft has demonstrated the company's attempts to meet high international standards for the civilized conducting of business and corporate governance of assets, TNK CEO Victor Vekselberg is quoted in the press release as saying. Earlier the companies planned to exchange the Sibneft share in Orenburgneft and ONACO for 8.6% of shares in the holding company TNK International (which unites TNK and ONACO assets). In addition to the share in the charter capital of TNK International, Sibneft planned to receive one place on the board of that company, an option to sell its shares in TNK International to current TNK shareholders and a guaranteed level of dividends.

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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