29 September 2003 19:36
Kovykta gas project to cost $30 mln in 2004
MOSCOW. Sept 29 (Interfax) - Efforts to put the big Kovykta gas condensate field on stream will cost about $30
million next year.
RUSIA Petroleum, the company that holds the Kovykta license, plans to raise about $20 million through an additional,
ninth share issue, the private placement of which is due to start on October 13, Maksim Bezryadin, head of the Irkutsk
office of BP and a RUSIA Petroleum director, told Interfax.
The company also hopes to raise capital for the project with a tenth issue, the details of which will be decided
later, Bezryadin said.
Next year, the company plans to continue to explore the Kovykta field and to start designing the infrastructure.
RUSIA Petroleum plans to issue 2,962,963 common shares, par value 10 rubles each, in a private subscription from
October 13. Deloitte & Touche has decided on a placement price of $6.75 a share. The issue will increase RUSIA
Petroleum's share capital by 29.6 million rubles.
Share capital is currently 696.989 million rubles, consisting of 10-ruble shares. The biggest shareholders are BP
with 33.39%, Russia's TNK with 20.03%, Interros with 25.82% and the Irkutsk region with 11.24%. [RU ASIA EUROPE EEU
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