Source Pravda.Ru

Tyumen Oil Company to decide on Eurobonds this fall

Officials from the Tyumen Oil Company (TNK) will meet to decide on floatingEurobonds in October or November 2002, the press center of TNK subsidiaryOrenburgneft reported, referring to Senior Vice President Iosif Bakaleinik.According to the Vice President, the company is ready for the issue ofeurobonds, the auditor has corrected the report and the bonds have beenprinted. Bakaleinik explained that TNK was waiting for a suitable marketsituation, as it would be senseless to issue Eurobonds right now.TNK started floating its five-year Eurobonds worth $500m in May 2002 butwithdrew the issue several days later according to a recommendation fromPricewaterhouseCoopers. The latter, acting as an auditor for TNK, announcedit had made some technical inaccuracies while auditing TNK's financialstatements..

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