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Urals Energy Buys Arktikneft
LUKOIL Oil Company announced yesterday the sale of a 100-percent stake in Arktikneft to the Urals group co-owned by Leonid Dyachenko, once son-in-law of Russian ex-president Boris Yeltsin, for $40 million.
Arktikneft was set up in 1998 to develop oil fields in Nenets Autonomous Area. LUKOIL controlled all 100 percent of the company’s stocks through its subsidiaries. Arktikneft is a subsoil user of Peschanoozerskoye oil and gas condensate field in the Barents Sea, its proven oil reserves totals 3.6 million metric tons.
Urals Energy Group was set up in early 1990s and focused on oil trading within its first few years. The company became a co-owner of three oil-producing Komi Republic-based companies in late 90s. The group sold these 4.2 billion assets under the pressure of LUKOIL in 2003. LUKOIL said it was going to sell Arktikneft last August adding that it was a decision of the company’s board “within the framework of the implementation of the development program until 2013 on cuts in expenses and the optimization of its assets. The company was put out to public tender but LUKOIL called it abortive dissatisfied with the bids from prospective buyers. LUKOIL closed the sale of Arktikneft with Cyprus-based Urals Energy Holding Ltd (the parent company of UE) after additional talks. One of the major owners of Urals Energy is Leonid Dyachenko, Boris Yeltsin’s former son-in-law. The Russian oil giant reported that the purchaser had paid roughly $20 million for the stocks and would settle Arktikneft’s debt to LUKOIL’s structures for more $20 million.
www.kommersant.com
All the Article in Russian as of July 27, 2005
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