Source Pravda.Ru

Sibneft may buy Slavneft stake

According to UFG analysts, the Sibneft oil company will use $450m in an attracted loan to purchase 19.68 percent of the shares of the Slavneft oil company. As an analytical survey of the group points out, $450m in a syndicated loan attracted by Sibneft, are the largest single loan taken out by the company. The loan was attracted after a recent issue of $400m in eurobonds. This confirms the fact that Sibneft is preparing for a considerable asset purchase. This year, the company's investments are expected to amount to $686m; the payments for a short-term debt are to be $509m, which is completely covered by $1.4bn in the forecasted current earnings. According to the analysts, these loan resources of Sibneft will be allocated for privatizing 19.68 percent of Slavneft's shares. UFG analysts recommend holding Sibneft shares.

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&to=http://www.sibneft.ru/index.shtml' target=_blank>SIBNEFT

&to=http://www.slavneft.ru/english/index.html' target=_blank>SLAVNEFT

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