Gazpromneft-Nefteservis Completes Sale of Muravlenko Transport Company

Press-release

Gazpromneft-Nefteservis has completed the sale of Muravlenko Transport Company (Muravlenkovskaya Transportnaya Kompaniya) (MTK) previously incorporated into the company's transport block of three business units. MTK was bought by Nizhnevartovsk Utility Vehicles Department No. 1. The deal was passed by the Federal Antimonopoly Service of the Russian Federation.

Pursuant to the terms of the purchase and sale agreement, in 2011 MTK will secure a guaranteed volume of orders from the Gazprom Neft Group of Companies that will remain at the last year's level. Besides, the agreement stipulates for a long-term renewable contract (2011 – 2013) with the company. Further, the agreement puts the new owner under the obligation to hold to the terms of the collective agreement assumed at the Muravlenko Transport Company.

"This is the first step in the framework of Gazprom Neft's program for withdrawal from the oilfield service business that is scheduled for completion by the end of the year, - Chairman of Gazprom Neft Executive Board Alexander Dyukov mentioned. – The withdrawal of the oilfield service assets out of the Company's business will enable the Gazprom Neft Group to save costs and allow to advance the profile market competition, which will consequently result in increase in the quality of the oilfield services."

Reference

Founded in 2003, Muravlenko Transport Company LLC is one of the major enterprises in the Yamalo-Nenets Autonomous Region. The enterprise renders transportation services to the oil producing companies of the Muravlenko Region. MTK's transport park numbers 688 vehicles. In 2010, the company's revenues amounted to $44.8 mln. The number of employees is 1200.