Russia to cut Rosneft sale price to lure buyers to country's biggest privatization
Article Abstract:
NK Rosneft, the fifth-largest oil company in Russia, will be sold at a price less than $2.1 billion, which was the original offer set by the government for the largest privatization in the country's history. Newly appointed Prime Minister Sergei Kiriyenko called off the tender for a 75% stake in Rosneft since no offers were registered within the auction deadline. Instead, a new deadline for the auction will be set and the asking price for Rosneft will be reduced. The move comes as Russia's influential financial groups, including Oneximbank led by one of the country's most prominent bankers,Vladimir Potanin, put pressure on the government to cut a substantial amount off Rosneft's price because of low international oil prices and the plunging equity markets in the country.
Comment:
Will be sold at a price less than $2.1 bil after no bids were registered by the auction deadline
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Lukoil might buy Sidanco, forming private oil power
Article Abstract:
AO Lukoil president Vagit Alekperov expressed interest in acquiring rival AO Sidanco in a deal that would form the largest privately-owned oil firm in the world. According to the Interfax news agency, Alekperov said the largest oil company in Russia is looking for a Russian oil producer and that Sidanco, which leads the list, is being considered for acquisition. However, AO Sidanco has not yet expressed its willingness to sell and analysts expressed that Lukoil is not in position to give significant cash outlays in Russia's current depressed oil industry.
Comment:
Pres Vagit Alekperov is interested in acquiring rival AO Sidanco in a deal that would form the largest privately-owned oil co
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Despite talk, Yukos says Sibnet merger is still on
Article Abstract:
AO Sibneft's merger with AO Yukos, which would have formed one of the biggest oil companies in the world, has been postponed. The two Russian oil companies were to have combined by July 1, 1998, to create AO Yuksi, an oil holding firm with audited reserves bigger than both Royal Dutch/Shell Group and Exxon Corp. According to Yuksi officials, the deadline for the merger has been pushed back until the end of 1998. The delayed merger deal comes at a time when Yukos, like most Russian oil companies, being hit hard by the drop in oil prices in 1998.
Comment:
Merger with AO Sibneft, which would have formed AO Yuksi, one of the biggest oil cos in the world, is postponed
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Comment about this article or add new information about this topic:
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