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M&A: Rosneft in talks to buy Odessa refinery

Rosneft Oil Company is negotiating the acquisition of the Odessa refinery, the Kommersant reported referring to its sources.

The Odessa refinery was shut down last week and came under control of its lender (VTB).

"In essence, the distressed oil refinery which LUKOIL sold one year ago is not particularly appealing, experts considering this a politically motivated deal. However, it may appear to be the starting point of a series of similar ownership change transactions, given that Russian banks readily lent to the Ukrainian business," the Kommersant commented.

LUKOIL completed the sale of a 99.6% stake in the Odessa refinery to VETEK Group in July 2013. The parties have not disclosed the transaction value. The Odessa refinery has an annual designed capacity of 2.8 million tonnes of crude oil. The factory was stopped in October 2010 due to its loss-making activity and stood idle until 2013.

Rosneft Oil Company (tax number: 7706107510) is the largest oil company and largest tax payer in the Russian Federation. In 2013, Rosneft's proved SEC compliant reserves increased by 11.5% to 33.014 billion boe. The company increased daily production of hydrocarbons by 80% to 4.873 million barrels.

The company's authorized capital is RUB 105.981 million. This amount is represented by 10,598,177,810 common shares at par value of RUB 0.01. The company's largest shareholder is state-owned company Rosneftegaz.

IFRS net profit of Rosneft for 2013 grew by 51% to RUB 551 billion from RUB 365 billion the year before. Sales revenue was RUB 4.694 billion, EBITDA amounted to RUB 947 billion.

AK&M "M&A Market"

"AK&M", 03.03.2014 11:51


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