Rosneftegaz buys oil-producing company

Industrija Nafte (INA), a Croatian oil company, sold the Belye Nochioil-producing company to the Rosneftegaz oil and gas company. As a sourcein Belye Nochi reported to RBC, this deal is valued at about $75m. INA isplanning to spend $16m of the received resources on repaying its debts.Other $20m is to be transferred to a special account as insurance for thecase if the buyer finds any inaccuracies in the financing of Belye Nochi.As it was reported earlier, negotiations on selling Belye Nochi were alsoheld with the Slavneft oil and gas company and the Tyumen Oil Company. InMarch 2002, Belye Nochi was cut off the pipeline system of Transneft oiltransportation company, as it had failed to meet Transneft's requirement tobring oil metering stations in accordance with set regulations. Due to thisfact, the company was losing 1,600 tons of oil per day. Belye Nochi ownstwo oil deposits in the Western Siberia with 10 million tons of oil inexplored reserves.Croatian government is going to sell a block stake in INA (25 percent plusone share) at the end of 2002. Edison Gas (USA), LUKoil (Russia) in aconsortium with Latsis Group (Greece), the MOL oil company (Hungary), theOMV oil and gas concern (Austria) and the Rosneft oil company (Russia) arethe potential buyers of these shares. INA includes two refineries in Rijekaand Sisak. In 2000, these refineries processed 5.278 million tons of oil.The total capacity of these plants is 8.5 million tons. INA owns a networkof 400 gas filling stations in Croatia and other former Yugoslaviancountries. It is also the proprietor of 38 percent in the Janaf pipelineoperator (the Adria pipeline)..


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