Russia: Shell Seeks Equity Holding in Sibir
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Tuesday, 05 August 2008 |
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Shell has held talks with AIM-listed oil firm Sibir Energy about a 1 billion pound $1.98 billion asset swop deal.
The two companies, which are equal partners in the Salym developments in western Siberia, are considering a deal under which Shell would swop its stake in the partnership for an equity holding in Sibir.
Sibir, which runs oilfields in Siberia, a refinery in Moscow and a petrol station chain, is listed on the alternative investment market and is valued at us$4.7bn. About 67pc of its shares are in Russian hands, including 18pc held by the City of Moscow and 47pc by businessmen in the country.
Speaking before the St Petersburg Economic Forum in June, Mr van der Veer said: "Shell is ready to work in partnership with Russian companies in forms of co-operation acceptable to the Russian government." Last year, Shell signed a strategic co-operation agreement with Rosneft and more recently has partnered Tatneft for heavy oil development in Tatarstan.
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