Sibneft intends to participate in Slavneft privatization

The Sibneft oil company intends to take part in the privatization of 75% of the shares in the Slavneft oil company, the Sibneft Press Service reported to RBC. The Press Service did not specify whether the company planned to obtain loans in this connection, but pointed out that funds "would be accumulated."

As it was reported earlier, the Russian government intends to sell its block of 75% of the shares in Slavneft in one lot before the end of 2002. It is planned to receive not less than $1.3bn. Initially, it was planned to sell 19.68% of the shares in Slavneft in 2002, and 5.27% in 2003.

The Property Ministry holds 55.27% of the shares in Slavneft, and the Russian Federal Property Fund holds 19.68%. The other large shareholders are the Republic of Belarus (10.83%) and the DKK closed corporation (12.98%). DKK is a nominal holder of a block of shares belonging to a trust company, in which the Tyumen Oil Company (TNK) and Sibneft have 25% of the shares each. The trust company also holds different blocks of shares in Slavneft's subsidiaries.

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