East Asia Gas Company sells stake in Rusia Petroleum

Dec 18, 2000 01:00 AM

East Asia Gas Company (EAGC, South Korea) has sold a 7.1 % stake in Rusia Petroleum, which holds a license for the development of the Kovyktinskoye gas condensate deposit in the Irkutsk region, to BP-Amoco and Tyumenneft (TNK).
A Rusia Petroleum representative said that, as a result of share redistribution and the placing of an additional share issue, BP-Amoco now has a 30.84 % stake in Rusia Petroleum (instead of 25.59 % as previously) and TNK a 9.06 % stake (instead of 5.98 % as previously).
According to Peter Hanshow, the director for external relations of BP-Amoco's Moscow office, the multinational company would like to acquire one third of Rusia Petroleum shares. TNK is also interested in boosting its stake to at least 10 % in order to place a representative on Rusia Petroleum's board of directors.
In the future, TNK does not exclude the possibility of gaining control over a blocking package of shares in Rusia Petroleum. Meanwhile, Rosinvestneft has made public its plans to sell its 8.46 % stake and Irkutskenergo its 12.88 % stake. A source in the Rusia Petroleum board of directors has spoken of a possible additional share issue in TNK's favour. Tyumenneft (TNK) has increased its share in Rusia Petroleum from 6 % to 9 % through a share issue. As a result of the issue, Rusia Petroleum raised $ 25 mm.

Source: Vedomosti via NewsBase
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