Total hits Siberian obstacle

 12 February 2003 10:02 GMT

TotalFinaElf is poised to invest between $2.5 billion to $3 billion to develop eastern Siberia's Vankor oil and gas field, but reports claim the French giant is having legal difficulties closing the deal.

The licence to the field -- estimated to hold 125 million metric tons of oil and 76 billion cubic metres of gas -- belongs to Eniseineft, which is 59% owned by the Anglo Siberian Oil Company.

Last April, TotalFinaElf agreed to buy 52% of the project from Anglo Siberian for an undisclosed sum but has not been able to close the deal due to opposition from Eniseineft's minority shareholders, Francois Rafin, head of TotalFinaElf's Russian division, told Russian newspaper Vedomosti today.

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