02 September 2003 12:51
SLAVNEFT SHAREHOLDERS TO REACH UNDERSTANDING ON ASSET DIVISION
Slavneft shareholders Tyumen Oil Company and Sibneft will reach an understanding on carving up the company's
assets by the end of September this year, TNK-BP Executive Director German Khan said.
Shareholders have almost agreed the main principles for splitting up the Slavneft upstream assets and are close to
reaching an understanding on the downstream assets, Khan said at a press conference in Moscow on Monday. He added that
Sibneft is preparing a proposal on the upstream assets and TNK - on the downstream assets.
Khan noted that shareholders plan to split the assets into two groups: divisible and indivisible (oil refining, which
will be operated as a joint venture).
"The most difficult thing will be the legalization of these agreement, which may take from one to two
years,' Khan said.
The board of directors of Slavneft recommended that interim
dividends of 2.24 rubles per share with a par value of 0.1 kopecks be
At the same time he noted that the shareholders are not considering any proposals to sell Slavneft assets, including
the company's refining assets.
Khan said that the Antitrust Ministry, which should give its permission to the inclusion of the Slavneft assets in
the deal, is not likely to put forward any conditions, including regarding the dominant TNK-BP position on the Moscow
market.
In response to a question as to why Slavneft has decided to pay interim dividends, Khan said "the shareholders
thought and decided that there are no projects on which profit could be spent, and therefore decided to pay
dividends."
paid for the first half of 2003, making a total of 10.65 million rubles.
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