Russian oil companies Sibneft and TNK have entered into a preliminary agreement to divide up Slavneft assets. Under the agreement, following an extensive due diligence process, Sibneft and TNK will evenly divide Slavneft’s exploration and production assets, as well as its network of retail filling stations. The refining assets will be managed by optimising capacity utilisation at the various refineries, with the possibility of swapping throughput capacities between TNK and Sibneft refineries.
Representatives from TNK and Sibneft have not yet been able to comment on how the ownership of Slavneft will be split. TNK has made no comment on the agreement at all, saying that it is preliminary in nature. In turn, Sibneft press secretary Alexei Firsov says that the question as to what concrete assets would go to what company is under discussion. He also says at this stage Slavneft continues to be a separate corporate entity. The division of assets is a difficult, drawn-out procedure, he adds.
As part of preparations for the deal to divide Slavneft assets, TNK and Sibneft have reached agreement on the sale to TNK of 38% of Orenburgneft and 1% of Onaco belonging to Sibneft. The decision overturned a previous agreement to consolidate Onaco assets. Earlier the companies planned to exchange the Sibneft share in Orenburgneft and Onaco for 8.6% of shares in the holding company TNK International. In addition to the share in the charter capital of TNK International, Sibneft planned to receive one place on the board of that company, an option to sell its shares in TNK International to current TNK shareholders and a guaranteed level of dividends. Now TNK International will own 100% of Onaco and 100% of Orenburgneft, which will allow it to absorb this company. The partnership between TNK and Sibneft for the joint management of Onako and Slavneft has demonstrated the company’s attempts to meet high international standards for the civilised conducting of business and corporate governance of assets, TNK CEO Victor Vekselberg says.