Gazpom Neft buys minority stake in Sibir Energy -(Focus Communication)

Release Date: 2009-04-24

Moscow, 24th April 2009 (Focus Communication)-
Russia's oil company Gazprom Neft, on Thursday, bought 16% of smaller rival Sibir Energy, in a lightning operation just a few hours after larger competitor TNK-BP announced its intention to buy a minority stake at £4.30 per share.

Gazprom Neft offered Sibir a higher price, £5 per share, through Renaissance Capital.

"Sibir Energy is a very prospective company with which we are already cooperating in oil refining at the Moscow refinery," according to Alexander Dukov, Gazprom Neft's Chairman of the Board. "Our aim is to take our parnership to a new level in terms of quality," he added in a statement posted in the company's website. Gazprom Neft also anounced that this is the first step before takeing control of Sibir at a later stage.

The bookbuild is a form of offering in the equity capital markets, done very quickly in one or two days. A minimum price and proceeds are generally guaranteed to the firm.

In a statement Sibir noted that this operation did not involve its cooperation.

TNK-BP has withdrawn its offer.

Type:

NORMAL