Holders Go Halves with Slavneft
Having failed to share the licenses of Slavneft and Slavneft-Megionneftegaz, the majority holders that are affiliated to Sibneft and TNK-BP will go halves in splitting the crude produced by the companies.
A source familiar with the plans of Slavneft holders said Sibneft and TNK-BP intend this week to execute an agreement on splitting the crude of Slavneft, as they have apparently failed to come to terms about Slavneft-controlled licenses for oil production. As a way out, they have decided that Sibneft and TNK-BP will be buying in whole the crude produced by Slavneft-Megionneftegaz (MNG) to further dispose of it at discretion. At present, 19.4 percent of MNG oil is exported (under the agency agreement with Slavneft), while the remainder is sold to Slavneft and its trader – Slavneft-Trading.
Having confirmed the above data, another source close to Slavneft owners added every half of one million tons of crude monthly due to each company is likely to be forwarded to Slavneft-controlled refineries in Yaroslavl under processing terms, i.e. Slavneft holders will remain the owners, paying only for processing services.
In Slavneft, Sibneft and TNK-BP, they declined to officially comment. The benefits of the new scenario are yet unclear compared to the current procedures, when Slavneft is in charge of all oil/petroleum businesses with the holders getting the dividend, said the sources, supposing, however, the new scheme may enable the holders to account for oil/crude operations on their own balances and to improve financial indicators by increasing sales revenues. It may also relate to the planned sale of Sibneft and of a stake of Russian holders in TNK-BP, the sources said.
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All the Article in Russian as of June 20, 2005
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