Sibneft reports on plans for development of six deposits over the next few years

Jul 11, 2000 02:00 AM

Sibneft President Yevgeny Shvidler has announced that his company plans to invest $ 1 bn in the development of six deposits over the next few years.
The company also intends to acquire more assets within Western Siberia, including deposit development licenses, small companies or holding subsidiaries. Thus, in addition to the state-run companies in which Sibneft has shown interest (Rosneft, Slavneft and Onako), the company may consider acquiring Varyeganneft and Varyeganneftegaz (Sidanko subsidiaries) should they go on sale.
According to Shvidler, Sibneft has no plans to buy gas-only deposits because the situation on the gas market remains vague. Nor does the company have any intention of acquiring refining facilities in the CIS as it is happy with its Omsk refinery.

Opting for modest petroleum product exports (with a mere 2.5 mm tons of petroleum products exported in 1999), the company has pinned its hopes on the domestic market and believes that it can be profitable. (Last year, Sibneft supplied more than 9 mm tons of petroleum products inside Russia.)
Shvidler went on to say that Sibneft was looking for strategic partners and continuing negotiations with ONGC-Videsh of India and MOL of Hungary while paying more attention to co-operation with service companies, such as the American Schlumberger and the Anglo-Canadian BJ Service Company.
Thanks to its cost optimisation program, Sibneft boosted its profits nine-fold (according to Western accounting standards) in 1999 compared to 1998, despite a cut in oil extraction. Sibneft also considered the possibility of issuing third-level ADRs but has abandoned the idea for the time being, Shvidler added.

Source: Vedemosti via NewsBase
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