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Sibneft Seeks Partnership With Onaco Owners

Moscow, 19 September 2000; Sibneft hopes to build a successful partnership with the new owners of 85% of Onaco, Sibneft president Eugene Shvidler said today, following an auction for the state stake.

Sibneft is the main minority shareholder in Onaco production subsidiary Orenburgneft with a stake of almost 40%. Sibneft acquired the shares from Yukos and a number of other Orenburgneft shareholders earlier this year. Sibneft also holds a stake of around 1% in Onaco.

“We are pleased that this landmark sale was conducted in an open and transparent manner,” Shvidler added. “Sibneft remains keen to take part in future tenders for Rosneft and Slavneft. Our focus is on value rather than volume, and we are committed to maximizing value for all our shareholders.”