"RussNeft" entered upon consolidation of the extractive subsidiary enterprises by regional principle

As it is said in the report of ОАО "Varieganneft", at the special meeting held on December 29 the shareholders of the company have approved the personal property purchase and sale agreement with ООО "Belye Nochi", and also oil and gas purchase transactions and material assets purchase transactions with ООО "Belye Nochi", ООО "NК "Severneft-Yarayner", ООО "Valyuninskoye", ООО "Novo-Aganskoye".

The shareholders of ОАО MPK "Aganneftegazgeologia" at the special meeting held in the end of December have also approved a number of transactions with ZAO "SТ Goloil". In particular, the shareholders have approved transactions on agency agreements negotiations between "Aganneftegazgeologia" and "Goloil" according to which "Aganneftegazgeologia" will provide development at Yeguryakhskoye, Golevoye, Yuzhno-Yeguryakhskoye and Vostocho-Golevoye oil fields, will maintain hydrocarbon production, will perform geological survey, will render services for planning and control for productive-economic and financial performance, corporate maintenance.

The shareholders of ОАО "Aganneftegazgeologia" have also approved personal property purchase from ZAO "SТ Goloil", and also oil purchase transactions from a number of subsidiary enterprises of "RussNeft" totaling up to 23 mln Rubles.

As it was reported to the Petroleum Information Agency by the source close to the shareholders of "RussNeft", holding of suchlike meetings means, that the company has begun the process of consolidation of the extractive enterprises, whereof it was reported in the middle of the previous year.

Thus, in particular, after the copletion of the process "Belye Nochi" will join "Varieganneft". Accordingly, "SТ Goloil" will join "Aganneftegazgeologia". The source close to the shareholders didn't specify whether "RussNeft" license areas will be transferred from one subsidiaries of the company to the others.

In July of the previous year the management of "RussNeft" declared, that they are going to simplify the legislative structure by way of consolidation of the subsidiary enterprises of the company, situated in one region. In particular, the management of "RussNeft" offered to divide into two blocks the subsidiary enterprises in the Western Siberia, to incorporate into one legal body the enterprises in Udmurtia ("Uralskayaneft", "Belkamneft", "Udmurt National Oil Company", "Udmurt Oil Company").

It was also supposed to consolidate into one structure the enterprises of the Ulyanovsk and Penza Regions ("Ulyanovskneft", "Nafta-Ulyanovsk", "Nefterazvedka", "Penzaneft"). It was planned to consolidate the enterprises of the Tomsk Region too ("Tomskaya Neft", "Benodet Investments Ltd", group of companies "Sobolinoye").
At the moment the structure of "RussNeft" includes 21 extractive enterprises and 2 oil refineries.