RussNeft Grows Up
The company of Mikhail Gutseriev has bought assets of TNK-BP and two refineries at a time
Mikhail Gutseriev has at last realized his dream and transformed RussNeft into a vertically integrated company. Yesterday RussNeft announced that it had bought a number of producing, refining and sale assets from TNK-BP, as well as Krasnodarekoneft Refinery from Yugnefteprodukt.
Yesterday RussNeft and TNK-BP issued a joint press-release announcing completion of purchase and sale deal of Saratovneftegaz producing 1.6 million tons of crude a year, and Onaco’s affiliates Orsknefteorgsintez Refinery capable of processing 6.6 million tons of feed a year, Orenburgnefteprodukt with 100 chain petrol stations in the region, and Neftemaslozavod OAO producing 100,000 tons of lubes a year. With effect from today the assets are transferred under the operational control of Gutseriev’s company, the press-release informs.
TNK-BP put out to tender the above and some other assets due to their low profitability which was announced several months ago.
The tender attracted keen interest. Apart from RussNeft Austrian OMV, British Urals Energy, Chinese Sinopec, Oil & Gas Company ‘Itera’ and Joint Oil Group, part of BasEl owned by Oleg Deripaska. The victory of RussNeft was anticipated. As early as two weeks ago various sources at the market began to talk about it.
The amount of the deal is kept secret. A source familiar with the terms of the deal informs that it is some $1 billion. The information about the sources from which RussNeft has drawn out such considerable sum is also withheld. Earlier the bond issue prospectus of RussNeft informed that the company had bought some of its assets using credits given by Glencore, a first-rate international trader.
The yesterday deal with TNK-BP was not the only one for RussNeft that day. Gutseriev’s company also announced that there was an agreement in principle on acquisition of 75% stake at Krasnodarekoneft. It is a relatively small refinery capable of processing 3.1 million tons of crude, but last year it was supplied with feed only to 55%. The main products of the refinery are straight-run gasoline mostly used in petrochemistry, jet fuel, gas oil and residual oil. The last year receipts of Krasnodarekoneft amounted to 813 million rubles, net profit was 107.2 million rubles.
Sergey Suverov, an analyst at Gazprombank, assumes that the most important thing for RussNeft in these deals is the acquisition of refining capacities. “The company has quite good production capacity and sale network, in order to complete the integration circle it only needed a refinery, the more so as the
Yesterday RussNeft and TNK-BP issued a joint press-release announcing completion of purchase and sale deal of Saratovneftegaz producing 1.6 million tons of crude a year, and Onaco’s affiliates Orsknefteorgsintez Refinery capable of processing 6.6 million tons of feed a year, Orenburgnefteprodukt with 100 chain petrol stations in the region, and Neftemaslozavod OAO producing 100,000 tons of lubes a year. With effect from today the assets are transferred under the operational control of Gutseriev’s company, the press-release informs.
TNK-BP put out to tender the above and some other assets due to their low profitability which was announced several months ago.
The tender attracted keen interest. Apart from RussNeft Austrian OMV, British Urals Energy, Chinese Sinopec, Oil & Gas Company ‘Itera’ and Joint Oil Group, part of BasEl owned by Oleg Deripaska. The victory of RussNeft was anticipated. As early as two weeks ago various sources at the market began to talk about it.
The amount of the deal is kept secret. A source familiar with the terms of the deal informs that it is some $1 billion. The information about the sources from which RussNeft has drawn out such considerable sum is also withheld. Earlier the bond issue prospectus of RussNeft informed that the company had bought some of its assets using credits given by Glencore, a first-rate international trader.
The yesterday deal with TNK-BP was not the only one for RussNeft that day. Gutseriev’s company also announced that there was an agreement in principle on acquisition of 75% stake at Krasnodarekoneft. It is a relatively small refinery capable of processing 3.1 million tons of crude, but last year it was supplied with feed only to 55%. The main products of the refinery are straight-run gasoline mostly used in petrochemistry, jet fuel, gas oil and residual oil. The last year receipts of Krasnodarekoneft amounted to 813 million rubles, net profit was 107.2 million rubles.
Sergey Suverov, an analyst at Gazprombank, assumes that the most important thing for RussNeft in these deals is the acquisition of refining capacities. “The company has quite good production capacity and sale network, in order to complete the integration circle it only needed a refinery, the more so as the
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