Sibneft and TNK jointly bought Slavneft

The Invest-Oil company, which won the auction for the stake in the Slavneft Oil and Gas Company, was created by the Sibneft Oil Company and the Tyumen Oil Company (TNK) on a parity equal basis, TNK Vice President Oleg Surkov reported commenting on the results of today's auction. According to him, TNK and Slavneft will have to pay equal shares for the Slavneft stake.

Surkov pointed out that "it is very hard to run a company jointly, only one will have to run it". At the same time, he said that "if there are two efficient companies, which could run Slavneft, it does not matter, which will do this".

In Surkov's opinion, $1.86bn for the Slavneft stake is "an adequate price". TKN previously recommended not to spend over $2bn for it. As for the $930m TNK is to pay for the deal, he pointed out that it had attracted $400m in Eurobonds for this purpose. The rest of the sum will be attracted using credits of Russian and foreign banks. TNK could also additionally issue up to $400m in Eurobonds.

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&to=http://www.slavneft.ru/english/index.html' target=_blank>SLAVNEFT

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