Gazprom CEO Vagit Alekperov attends the 9th St. Petersburg International Economic Forum, June 14, 2005.
Photo: Nikita Infantyev
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Eludes the Grasp
On June 9, Andropovsk Court of Stavropol District banned Transneft to accept crude from Geoilbent, following the suit of Broadwood Trading & Investments Limited. Broadwood Trading & Investments Limited claims NOVATEK violated its right of first refusal, having sold 66 percent in Geoilbent to LUKOIL-Western Siberia. Transneft Vice President Sergey Grigoriev told Kommersant no crude of Geoilbent has been entering the main for a week.
Geoilbent develops Severo-Gubkinskoe, Prisklonovoe and Yuzhno-Tarasovskoe oil and gas fields and explores Urabor-Yakhinsk and Vansko-Namyssk licensed areas, Yamal-Nenetsk Autonomous District, Russia. The proven reserves stand at 70 million tons of crude. 2004 production reached 1 million tons, 2005 target sets forth 1.2 million tons.
The court has imposed a ban on Geoilbent crude to secure the suit of Broadwood Trading & Investments Limited, holder of 34 percent in Geolbent, which insists NOVATEK violated the right of first refusal, having disposed of the stake.
Under the court ruling, the claimant was served with a notice from Geoilbent June 6, saying NOVATEK had withdrawn from the company. Another addressee was some Oil Holding Company.
Kommersant found out NOVATEK contributed its stake in Geoilbent to the authorized capital of Oil Holding Company incorporated in the town of Gubkinsk, Yamal-Nenetsk Autonomous District, and expected to be bought out by LUKOIL-Western Siberia, although this part of the deal has not been finalized yet.
The Broadwood Trading & Investments Limited says NOVATEK had no right to assign its 66 percent, as the claimant has never waived its right of first refusal, moreover, it notified NOVATEK of the intention to buy out the stake at the price offered by the third party (LUKOIL).
It seems worth mentioning that until very recently, YUKOS-affiliated Cyprus YUKOS Operational Holding Ltd. was the owner of 34 percent in Geoilbent. Exactly that company filed a suit to the Yamal-Nenetsk Arbitration demanding that NOVATEK would amend Geoilbent Charter by entering the first refusal provision. The court met June 1 and ruled to proceed with the trial behind closed doors. But according to the court ruling re: Broadwood Trading & Investments Limited, exactly the latter was Geoilbent co-owner as of June 6.
LUKOIL spokesman told Kommersant the company is well aware of the court ruling but refused to suppose who backs up or owns Broadwood Trading & Investments Limited. NOVATEK declined to comment on the award, pointing out the stake was disposed under the current laws. YUKOS representatives couldn’t have been reached for comment yesterday.
www.kommersant.com
All the Article in Russian as of June 17, 2005
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