Russia » Economics

Ignoring Russian Oil Producers - 18 September, 2002

The sixth largest Russian oil producer Tatneft wasn’t allowed to buy 33 percent of London-listed oil firm Sibir Energy for $240 million.

Sibir couldn't find consensus with Tatneft and trading partner Corus about the level of control the two firms required over Sibir.

Under the preliminary agreement Tatneft and Corus were also to provide Sibir with a $120 million loan, as well as subscribe for Sibir shares at around 22.8 pence.

In the end the loan was provided by the Bank of Moscow and will be used to establish the Moscow Oil & Gas Co., a joint venture based on Sibir's production assets and the capital's refinery and chain of petrol stations.

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