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Czech Tycoon Looks for Oil in Russia
The MND company, owned by Czech tycoon Karel Komarek, is eyeing oil assets in Russia. The Czechs are negotiating the purchase of shares in six projects. Agreements have not as yet been signed. MND declares plans to buy stakes in projects where most reserves are proven – something which is hard to come by in Russia, experts say.
Moravske naftove doly (MND) is interested in buying stakes in six oil and gas projects in Russia, head of MND’s newly opened office told Kommersant. Among potential partners are Neftemontazhspetsstroy, Saratovneftegeofizika. MND also plans to bid at an upcoming auction to buy the Chukhlorsky section with the reserves of 650,000 metric tons of oil in oil-rich Khanty-Mansiysky Autonomous Area.
MND is owned by Karel Komarek, one of the richest people in Czech Republic. The company’s assets are estimated to be worth $2 billion. MND’s net profit was $93.9 million in 2005, twice as much as in 2004. The company annually produces 290,000 tons of oil and 400 million cu. meters of gas worldwide.
Last fall the Czechs offered Gazprom a deal to build an underground storage for 400 million cu. meters of gas in Czech Republic in exchange for a share in Russian projects. Czech Republic is an important point on the route of Russian gas to Western Europe. Talks with Gazprom are still underway, MND’s Moscow office reported.
The Czech company says it would like to have stakes in projects with a high percentage of proven reserves. Russian industry experts note, though, that the number of such projects is paltry. Analysts cite Hungary's MOL as an example. This company has been on the Russia market for several years but has bought stakes only in two projects.
www.kommersant.com
All the Article in Russian as of Feb. 26, 2007
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