The Volume of corporate bonds issue as of December has made 11 991 million roubles (about USD399.7 mln), to compare - the volume of "Gazprom " (2 place) issue makes about RUR100 million
Development of the market of corporate obligations in Russia did not always go smoothly. Among the reasons for that are hyperinflation, high barter level, and overflow of the resources for the market of the state obligations, structural reorganization of economy. The low information transparency of the majority of emitters and insufficiently advanced credit culture have closed access to the Russian borrowers on the western financial markets. Considering limited financial flexibility, the enterprises were compelled to refuse even the most necessary capital investments. Last two years the situation in the market of corporate obligations has changed, and a number of new favorable tendencies was set. First of all, starting with the macroeconomic stabilization and economic growth financial parameters of the majority of corporate borrowers, including Tyumen petroleum company were considerably improved. TPC takes much more seriously its own reputation in investment circles. Issues of corporate management and information transparency pick more and more attention. The company gradually masters " rules of the game" in the market, the standards of business dealing accepted all over the world. It does not only raise funds now, but also creates an opportunity for itself to make it in the future, raising the financial flexibility. The basic directions of an investment became oil recovery and gas, and also active participation in the share capital of other companies.
, Within 2001 TPC repeatedly carried out presentations of the Uvat project In Tyumen, in Moscow and at the conference "Investments in the Ural Federal district" in London. It is only nesseccary to attract some large investors and to clear situation with the taxation of projects PSA.
,According to RusEnergy.com research, take over of SIDANKO by the Tyumen petroleum company is recognized as the best bargain of 2001. The history began in 1999. Then there was one of the loudest oil-and-gas scandals: TPC started struggle with BP (British Petroleum) for bancrupted "daughter" SIDANKO, "CHernogorneft'". November, 26, 1999 in Nizhnevartovsk tender when TPC has bought property of "CHernogorneft" for RUR 176 mln. At the end of December TPC has agreed to return "CHernogorneft'" to SIDANKO and to receive in exchange blocking share holding of the petroleum company. When the scandal has calmed down. In 2001 TPC simply has redeemed 84 % of SIDANKO shares. The property of TPC -Nizhnevartovsk (in past "CHernogorneft") has returned to SIDANKO which operator still remains BP.
,The Reason of the conflict between two large Russian petroleum companies became ROSPAN JSC, a small gas enterprise owning licenses for development of new gas deposits - Urengoy and East-Urengoy in Jamalo-Nenetsk Autonomous Region. Both petroleum companies, YUKOS and TPC, apply for participation in property of "Rospan", which was before under ?Itera
inspection. Moreover TPC as the largest creditor and "YUKOS" as the large shareholder. In the current year the company is going to concentrate on structurization of the property, i.e. to put in order all acquired actives and adjust future actions
Author: Elena Feschukova
