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COPYRIGHT 2003 Access Intelligence, LLC.
Between 2000 and 2002, Tyumen Oil Co. (TNK) completed a series of large-scale acquisitions of oil and gas assets. Major acquisitions included ONACO in the Orenburg region and a number of upstream assets in West Siberia. In 2002, TNK began expansion into the Far East, acquiring a license on the Sakhalin shelf. Finally, in late 2002, TNK, in partnership with Sibneft, acquired Slavneft, a major Russian vertically integrated oil company. Viktor Vekselberg, chairman of TNK's management board, discusses the company's growth strategy, expansion into new producing regions and opportunities for expansion into new sectors.
Q: What are your plans for Slavneft?
A: The privatization of Slavneft was a major transaction for TNK and for the Russian industry as a whole. Slavneft has proven oil reserves of 2.54 billion bbl, production of 300,000 b/d. The company operates fields in West Siberia and controls two major refineries, the Yaroslavl refinery in Russia with capacity of 280,000 b/d and the Mozyr refinery in Belraus with the nameplate capacity 240,000 b/d. TNK and Sibneft jointly paid the Russian government U.S. $1.86 billion for a 75% stake in Slavneft. This was the largest privatization deal in the Russian oil sector to date. We formally closed the deal with the Russian government in mid-January 2003.
TNK acquired Slavneft in partnership with Sibneft, and we are now considering various options for Slavneft's assets with our partners. At this point, there are many options on the table. For instance, one option would be to divide Slavneft's assets between the two companies. Another option would be to integrate all of Slavneft's assets into one of the companies and compensate the other by an equity stake in the other company. All options are on the table....
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