Press releases in December 2005 | |||
TNK-BP Assets Sold To RussNeft
TNK-BP and RussNeft today announced they had completed the sale by TNK-BP of assets at OJSC “Saratovneftegaz”; OJSC “Orsknefteorgsintez”; OJSC “Orenburgnefteprodukt” and OJSC “Neftemaslozavod” to RussNeft.
Requisite internal and external approvals have already been obtained.
RussNeft will assume responsibility and operational control with effect from December 22nd 2005.
Robert Dudley, President and Chief Executive of TNK-BP commented; “TNK-BP is pleased that we have been able to make this sensible adjustment to our inherited portfolio of assets. There was strong interest in these assets from a variety of prominent companies. We are also pleased that in RussNeft we have found a buyer who saw present and future value in these assets and who I believe will also make an excellent new owner and manager for the assets and the local communities they serve.”
Mikhail Gutseriev, President of RussNeft said: “This deal will strengthen and complement RussNeft’s existing integrated portfolio. For our company it means new opportunities for dynamic growth of oil production volumes, building up new logistic retail schemes for oil products and access to new prospective country regions – Saratov and Orenburg Oblasts. In addition, as a result of the deal RussNeft has acquired refining assets which will allow us to become a fully vertically integrated holding”
Notes for Editors:
The assets sold include:
- OJSC “Saratovneftegaz”: production 42, 000 barrels per day of oil equivalent; reserves 163 million barrels of oil equivalent proven and probable
- OJSC “Orsknefteorgsintez”: 6.7 million tons of nameplate capacity (136,000 barrels per day)
- OJSC “Orenburgnefteprodukt”: 101 filling stations and 37 oil tank farms
- OJSC “Neftemaslozavod”: 100,000 tons of nameplate capacity; 2005 estimated production of lubricants 30,000 tons
OJSC RussNeft is a fully vertically integrated oil holding company and is one of the ten major oil companies in Russia.
In its structures there are 30 productive, 2 refining and 2 transportation assets as well as a modern network of 300 retail service stations which are located in 17 regions of Russia and CIS.
RussNeft geography covers West Siberia, Tomsk, Novosibirsk, Ulyanovsk, Penza, Samara, Bryansk, Leningrad, Saratov and Orenburg oblast, Krasnodar Region, Republics of Udmurtiya, Komi and Belarus. The head office of the Company is located in Moscow.
The total extractable reserves of RussNeft exceed 630 million tons. Annual production reached 17 million tons.
The company’s staff exceeds 17 thousand persons.
In all regions of their activities the company implements major social and charity programs based on agreements with administrations of subjects of Russian Federation.