Sibneft Will Not Be Shareholder in New BP and Access-Renova Oil Company

Sibneft will not be a shareholder in the new oil company created by Access-Renova (Alfa Group) and BP. This was announced yesterday at a press conference by Mikhail Fridman, the chairman of the board of Alfa Group. He said that the deal does not include shares or obligations relating to Access-Renova's stake in Slavneft. 'We transferred everything that we own into the new oil company, except for what belongs to minority shareholders, including Slavneft,' stressed Fridman. He said that the deal respects the rights of minority shareholders and that 'they will only gain from it.' However, Fridman did not announce what would happen to Slavneft's assets in the future.

'As far as the question of converting Sibneft shares into TNK shares is concerned, this will be resolved together with all other issues concerning Sibneft and Alfa Group, especially in connection with Slavneft,' said Fridman. 'We have been working with Sibneft for many years and will find the right balance.'

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