Company news in April 2004 | |||
Pattern for Gazprom's Joining the Kovykta Project to Be Finalized by July – ÒNK - ÂÐ
The pattern for Gazprom's joining the Kovykta project is most likely to be determined by July 2004, Mr. Sergey Tulinov, Project Manager of TNK (holds 62.42% in RUSIA Petroleum JSC that owns the license to develop the Kovykta gas and condensate deposit, Irkutsk Region), said. He noted that, besides purchasing shares in RUSIA Petroleum, there were many options for Gazprom's joining the project. Irkutsk Region Governor Boris Govorin earlier states that he deemed it appropriate for Gazprom to become a shareholder of RUSIA Petroleum by buying stakes held by the Irkutsk Region (11.24%) and Interros (25.82%). It was also reported earlier that RUSIA Petroleum Board of Directors is going to submit the issue of additional share issue to the annual shareholders' meeting for consideration. TNK-BP also stated it was not planning to increase its stake in RUSIA Petroleum JSC. Proven reserves of the Kovykta gas and condensate deposit in the C1+C2 category are equal to 2 trillion cm. Investments into the deposit development project are estimated at US$ 676 million in 2004/2034, including US$ 480.4 million in 2004/2006.
Source: INTERFAX