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West Siberian raises $170m



By Upstream staff 

Sweden-listed company West Siberian Resources, which operates several oilfields in Russia, has raised about $170 million in a private share placement.

At the end of last week, West Siberian completed its merger with Russia's Alliance Oil, creating an enlarged company with pro forma 2007 revenues of about $2 billion, oil production of 45,000 barrels per day and oil refining capacity in Russia of 70,000 bpd.

West Siberian said proceeds from the shares will be used for an upstream sector capital expenditure programme and in pre-payments to upgrade the Khabarovsk refinery in the far east of Russia.

UniCredit analysts in Moscow said the placement is "a good opportunity for Spain's Repsol YPF to restore its former holding in the enlarged company".


Friday, 18 April, 2008, 07:03 GMT  | last updated: Friday, 18 April, 2008, 07:03 GMT

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