Sibneft to spend $700m to cut debts

Sibneft and TNK have accomplished the deal on selling-purchasing a 38 percent block of shares in Orenburgneft and 1 percent of shares in ONAKO for $825m. Sibneft received the money in April 2003 and it will spend $700m of this sum to decrease its short-term and expensive debts. Sibneft President Yevgeny Shvidler said that the parameters of the deal with TNK corresponded to the market price of the block of shares. "After completing the selling of ONAKO shares we will concentrate on negotiating the division of Slavneft with TNK", he noted.

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