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21/08/2014
09:27
M&A: Sintez Group sells oil producer Negusneft for $200 million

Sintez Group has estimated Negusneft at $200 million and exposed it for sale, the Kommersant reported.

As stated by Boris Korolev, Chairman of the Negusneft Board of Directors, the final price is subject to negotiations.

Some vertically integrated companies have shown interest in the asset, Korolev said. The purchase of Negusneft would entitle them to mineral extraction tax reliefs to incentivize the development of Negusneft's Varyngskoye oil-gas condensate field.

Negusneft and Sintez Group are currently looking into the offers from potential buyers.

OJSC Negusneft (tax number: 8609000900, part of Sintez Group) has been active in the oil market of Russia since 1992 developing the Varyngskoye field in Khanty-Mansi Autonomous Area – Yugra with total recoverable reserves estimated at 20 million tonnes. In 2013, the company produced 374.8 thousand tonnes of oil.

According to the DataCapital information retrieval system, RAS net loss of Negusneft for 2013 was RUB 59 million against a profit of RUB 1.675 billion the year before. Revenue decreased by 10% to RUB 3.42 billion from RUB 3.786 billion, GP dropped by 30% to RUB 372 million from RUB 530 million.



"AK&M", 21.08.2014

 

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