Russneft moves on Geoilbent
Fast-growing Russian oil player Russneft has bought a 34% stake in energy holding company Geoilbent from the crippled oil group Yukos, Russian media reports claimed today.
Business daily Kommersant cited sources close to Yukos as saying that the former oil giant, now crippled by a $27.5 billion tax bill, had sold its shares in Geoilbent to Russneft in April.
The report said Russneft was also behind a court move last week to halt the sale of the other 66% of Geoilbent, which Russia's top oil player, Lukoilhas agreed to buy from gas company Novatek.
The court case was brought by Broadwood Trading & Investments, which has claimed pre-emption rights over the larger stake, which analysts say is worth up to $200 million. Kommersant said was it a Cyprus-based company acting for Russneft.
Russneft last week denied it was behind the case.
Geoilbent has licences to develop Siberian oil and gas reserves. Kommersant said it had proved oil reserves of 513 million barrels and produced 20,000 barrels per day in 2004.
Russneft was created two years ago by Mikhail Gutseriyev, a former head of Slavneft, when it was a state company, and now has 4.4 billion barrels of reserves and annual revenues of around $3 billion.