TNK and Surgutneftegaz may create alliance to purchase Slavneft

Tyumen Oil Company (TNK) may create an alliance with Surgutneftegaz to purchase a 74.95 percent stake in Slavneft, German Khan, executive director of the TNK, told RosBusinessConsulting. At the same time he pointed out that the creation of an alliance with Sibneft was unlikely.

Moreover, Khan declared that TNK was considering the possibility of purchasing a 10.83 percent block of shares in Slavneft that belonged to Belarus. He stressed that the problem of this question was a short period, in which the tenders were to be conducted. The TNK is planning to participate in the latter tender without partners.

The tender on selling a 74.95 percent stake in Slavneft will take place on December 18, 2002. Applications for this open tender are to be accepted from November 16 to December 15, 2002. According to Deputy Property Minister Alexander Braverman, the expected result of the selling is an increase in the efficiency of managing the company, concentration of an owner and an increase in revenues to the federal budget.

As it was reported earlier, on October 9, 2002 Russian Prime Minister Mikhail Kasyanov signed a ruling on selling a 74.95 percent stake in Slavneft, although previously it had been planned to sell a 19 percent stake in 2002 and a 5 percent block of shares in 2003. The Russian government expects to receive at least $1.3bn for this 74.95 percent stake. According to oil analysts, this stake could be sold for $2bn-3bn.

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