Yeltsin authorises sale of 49% stake in TNK

Oct 23, 1999 02:00 AM

Russian President Boris Yeltsin on October 22 signed a decree authorising the sale of a 49% stake in Tyumenneft (TNK).
The announcement came three days after Fuel and Energy Minister Viktor Kalyuzhny said that the stake might be sold before the end of this year.
The government has not yet determined the price of the state-owned share package, which will be sold at a commercial auction, Yeltsin's press service said. The starting price will probably be set at around US$200 million plus investment commitments, it said.
No further information was available. Some 51% of TNK stock is in the hands of private investors, namely Pyotr Aven's Alfa-Eko trading group and Renova, a U.S.-Russian joint venture.

Source: NewsBase
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