Russia energy: Abramovich looks to shed Sibneft
FROM DIALOG NEWSEDGE
[SUNDAY BUSINESS]
ROMAN Abramovich's abrupt pulling out of the merger between
his Sibneft oil company and Mikhail Khodorkovsky's Yukos in 2003 was the first
harbinger of last year's ugly Yukos saga.
Now, after two years spent in a strange half-life, it looks
like Sibneft's future is about to become clear.
Sibneft's announcement last Monday that it will pay out a
$2.3bn (GBP1.3bn, E1.9bn) annual dividend to shareholders - essentially its
entire annual profit - has been widely interpreted in Moscow as a sign that
Abramovich is stripping the firm of cash ahead of a sale.
At the same time, a court in Chukotka, the remote eastern
region governed by Abramovich, has demanded that Yukos return a 14.5% stake in
Sibneft to its shareholders - predominantly Millhouse Capital, Abramovich's
investment vehicle.
State-run oil firm Rosneft has grabbed Yukos's other 20%
stake in Sibneft. It argues it is owed $3.5bn by Yukos because of the way Yukos
diverted revenues away from its subsidiary Yuganskneftegaz, which Rosneft bought
last year.
Rosneft claims it has no interest in acquiring a stake in
Sibneft and has frozen the shares to ensure Yukos can repay it - preferably in
cash.
Abramovich clearly wants to get out, but will only be able to
do so on the Kremlin's terms. Gas giant Gazprom, having lost its battle to
absorb Rosneft, is tipped to win control.
Gazprom management is set on winning oil 'supermajor' status
by matching its massive gas output with oil production. Gazprom officials are
cited in the Russian press as saying a deal could be done within the month.
By the end of the year, Gazprom will receive $7.1bn in
exchange for the government, increasing its stake from 38% to 51%.
After tax and promised investments, this will leave it some
$5.3bn in bank - not far from the estimated $7.5bn it would need to win control
of Sibneft.
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Copyright © 2005 The Dialog Corporation
SOURCE: Dialog NewsEdge
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