TNK to place $500m in eurobonds before end of this week

The Tyumen Oil Company will place $500 million in eurobonds before the end of this week if there is a favorable situation, Chairman of the Executive Board of the Tyumen Oil Company Viktor Vekselberg said to journalists today at the "Investment Plans of SUAL Group and TNK". However, the company's CEO was quoted as saying that if the situation on the market is unfavorable, the company may postpone this eurobond placement until the fall of 2002. As it was reported earlier, the initial eurobond placement in the amount of $500 million, which was slated for May 2002, was postponed due to the fact that PricewaterhouseCoopers, an international audit company, which prepares the eurobond placement for the Tyumen Oil Company, had discovered a number of technical irregularities that had not been noticed while carrying out the audit of the company according to GAAP. However, after that all technical irregularities were corrected and the company produced its newly-audited financial reports.

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