TNK regains control of Ryazan Oil Refining Company

Oct 02, 2000 02:00 AM

Tyumenneft (TNK) has regained control of the Ryazan Oil Refining Company (Russian acronym RNPK), which was withdrawn from the Ryazan oil refinery in 1998, reported a TNK representative. At that time, RNPK, fully owned by the Ryazan oil refinery, took assets subject to reconstruction under its control.
In early 1999, when creditors were in a hurry to exact debts from the oil refinery, RNPK shares were auctioned off and TNK managed to acquire only 19.5 % of shares in the company. At present, TNK holds 75 % of RNPK shares. It has spent $ 35 mm to regain control over the company. TNK plans to invest $ 400 mm in the overhaul of the Ryazan oil refinery within the next three years.

Source: Vedomosti via NewsBase
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