Gazprom Neft Oil Field Services Completes Sale of Noyabrsk Central Pipe Base

Press-release

Gazprom Neft Oil Field Services has completed the sale of one of its auxiliary production units, Noyabrsk Central Pipe Base (NCPB). The buyer was the Rimera Company, the oil field division of the Chelyabinsk Pipe Plant.The deal was approved by the Federal Antimonopoly Service of Russia.

According to the conditions of the deal, Noyabrsk Central Pipe Base will keep its long-term contracts with Gazprom Neft enterprises, with guaranteed volumes of work until the end of 2013 and the possibility of a further two year extension. The agreement also provides for the retention of obligations, by which the new owner must comply with the conditions of the collective agreement negotiated by NCPB.

“This deal, which follows the sale of several enterprises from the Transport block of the Oil Field Services division of the company, is a continuation of Gazprom Neft’s exit strategy from the Oil Field Service business. Thus, Gazprom Neft has been consistently implementing this exit strategy scheduled for completion in 2011”, announced the Chairman of the Executive Board of Gazprom Neft, Alexander Dyukov.

The decision to withdraw from the oil field service business was taken by the Board of Directors in March 2010. On January 28, 2011 the company closed a deal to sell Muravlenko Transport Company, and on June 16 a deal was closed to sell SpetsTransServis.

Reference

OOO Noyabrsk Central Pipe Base is a multidiscipline company that provides services in areas such as reception, storage, cargo handling, preparing oil field tubular goods for service, their maintenance, repair and maintenance of sucker rod pumps and sucker rods, and their subsequent delivery to the field. The company operates in the Yamal-Nenets and Khanty-Mansi Autonomous Regions.

The company employs 725 people; its revenue in 2010 amounted to US $ 40.2 million.