| Other Photos |
 |
|
 |
Kalmykia Wins Myanmar’s Crude, Gas Tender on Religious Fellowship
Russia’s republic Kalmykia won the tender to develop a big oil and gas field in Myanmar. It will get over 50 percent in the project implemented in partnership with Myanmar-run MOGE. More likely than not, exactly this undertaking has drawn Basic Element President Oleg Deripaska to Kalmykia. But the source say the republic has picked out VTB and JP Morgan as alternative investors already.
Myanmar’s MOGE sealed a Product Sharing Agreement (PSA) with Singapore’s Silver Wave Energy Ltd and Silver Wave Sputnik Petroleum PTE Ltd, the media of Myanmar reported. The document provides for exploration and production of crude oil and gas from the B-2 mainland block of Myanmar. Of interest is that in addition to the chiefs of MOGE and Silver Wave Energy, the agreement was signed by Kalmykia’s Energy, Oil and Gas Minister Boris Chedyrov.
As it turned out, Silver Wave Sputnik Petroleum was acting on behalf of Kalmykia in that tender and Kalmykia’s Deputy Energy Minister Timur Bambuev is in that company’s Board of Directors. Bambuev was once a sales director at Kalmneft, which is under the bankruptcy administration now.
The 50/50 owners of Silver Wave Sputnik Petroleum are Silver Wave Energy and the British Virgin Islands-incorporated Sputnik Petroleum Ltd. Though no information about Sputnik Petroleum Ltd is available so far, its Russia’s equivalent, OOO Sputnik Petroleum, was incorporated in November 2006 in Tatarstan for purpose of crude oil and gas production. Its CEO is Mr Bambuev, of course.
Kalmykia’s Kalmneftegaz that is independent of Kalmneft will be a management company in the project, said Kalmykia’s President Kirsan Ilyumzhinov, adding that the project has been elaborated and its budget amounts to “a few hundred million dollars.” Kalmykia will participate “both by direct financing and by the personnel and equipment.” Two boring rigs have been supplied to Myanmar already, according to Ilyumzhinov.
www.kommersant.com
All the Article in Russian as of Mar. 20, 2007
|
|
|
