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Zarubezhneft Repatriated
A new oil company has emerged in Russia. Government-controlled Zarubezhneft that had no active business in Russia until recently won tender for big blocks of the fields in Nenets Autonomous District with reserves of roughly 80 million tons. But the company won’t develop that wealth independently. Instead, it will contribute it to the venture with PetroVietnam to get the guaranteed extension of the Vietnam-shelf contract of Vietsovpetro.
In line with general expectations, government-run Zarubezhneft won yesterday the tender for development of four blocks in Nenets Autonomous District. The company paid 2.84 billion rubles (roughly $120 million) as the initial payment and fee for the tender participation and license release, said sources with the profile department, Zarubezhneft and NAOnedry (Subsurface Resources of Nenets Autonomous District).
Other big oil companies of Russia, including Rosneft, TNK-BP and Surgutneftegaz, had also eyed the blocks in that region. But the victory of Zarubezhneft was a decided matter, the sources said long ago, even before the deadline for the bids’ submission. The blocks could be viewed as the payment to Vietnam for extension of Vietsovpetro’s contract after 2010.
The presidents of Russia and Vietnam agreed on the prolongation in November of 2006 and the protocol on joint geological survey in Russia was inked in September of 2007, but the definite terms for the contract extension are still the subject of negotiations.
Having got the blocks at the fields, Zarubezhneft will offer them to Vietnam’s company in the next move to initiate a new bargaining, including on the ratio of costs and investments in projects in Vietnam and Russia, the sources specify.
www.kommersant.com
All the Article in Russian as of May 08, 2008
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