Sibneft and TNK divide Slavneft assets

The Sibneft oil company and the Tyumen Oil Company (TNK) have made a preliminary agreement on dividing assets of the Slavneft oil and gas company, a joint statement of the companies says. The deal also concerns Sibneft's stake in the Orenburgneft company, which is a subsidiary of the ONAKO oil company. The latter is a part of TNK International.

Sibneft and TNK are the current owners of 98.5 percent in Slavneft, which was the 8th Russian oil company with oil production at 15 million tons.

According to the agreement, Sibneft and TNK will receive equal shares of Slavneft's assets and its sales network. At various Slavneft's refineries, optimum work load will be set. Sibneft and TNK will also be able to exchange processing capacities.

Additionally, Sibneft will sell its 38 percent in Orenburgneft and 1 percent in ONAKO to TNK. This deal will be made instead of the previously planned exchange of Sibneft's stakes in Orenburgneft and ONAKO for 8.6 percent in TNK International.

© &to=http://www.rbc.com' target=_blank>RBC

&to=http://www.sibneft.ru/index.shtml' target=_blank>SIBNEFT

&to=http://www.tnk.ru/mainpage_eng.asp?IDR=162&LANG=ENG' target=_blank>TNK