Sidanko subsidiary Kondpetroleum to be sold for $ 170 mm

Aug 10, 1999 02:00 AM

The Russian company Kondpetroleum will be put up for sale on August 24 at an auction in the Khanty-Mansi autonomous district, according to the resolution of the company creditors' meeting. The starting price is $ 170 million, with the company's debt to creditors worth the same amount. The Khanty-Mansi administration suggested that the property and licenses for deposits the company is currently developing be put up for tender in separate lots. However, creditors opposed the move, saying that in that case Kondpetroleum would be unattractive for potential investors.
Last year, the company produced 2.5 million metric tons of oil. Among the deposits under development is the Krasnoleninskoye oil and gas condensate deposit, with reserves estimated at one billion metric tons of hydrocarbons.

Source: KOMMERSANT via NewsBase
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