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TNK closes deal on transferring Chernogorneft back to Sidanco.

November 26, 2001. TAG: Other

Russia's third-largest oil company Tyumen Oil Company /TNK/ will finally transfer the assets of TNK-Nizhnevartovsk / formerly known as Chernogorneft/ to Russia's oil company Sidanco under an agreement signed between TNK and Sidanco on Monday, TNK reported in a statement. TNK acquired Chernogorneft in a controversial 1999 bankruptcy auction. In the summer of 2001, TNK purchased a 44% stake in Sidanco from Russia's industrial and financial group Interros and 40% from the Cyprus-based offshore company Kantupan Holdings, as part of reclaiming Chernogorneft's assets. Analysts said TNK was estimated to have paid as much as U.S. $1.25 billion in cash for the 84% stake. At this point, TNK holds 86% in Sidanco, but recently conceded governance of the company to the U.K.'s BP PLC, which holds 10% in Sidanco, under a memorandum of understanding signed earlier this year.

Alfa Group Consortium

Alfa Group Consortium ("Alfa"), founded in 1989, is one of the largest privately owned financial-investment conglomerates in Russia. Alfa Group is a combination of independent businesses, operating mainly in Russia and the CIS. Alfa companies’ businesses include commercial and investment banking, asset management, insurance, retail trade, water utilities, mineral water production as well as special-situation investments. Companies of Alfa typically focus on value-oriented, longer-term opportunities, primarily in Russia and the CIS, but also invest in other markets which form part of their strategic business objectives.

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