TNK-BP closes Novosibirsk upstream asset sale deal

TNK-BP (OJSC TNK-BP Holding, MICEX: TNBP, TNBPP) reports closing the deal to divest OJSC Novosibirskneftegaz and OJSC Severnoeneftegaz as part of the company’s strategy to optimize the company’s asset portfolio and improve per-barrel efficiency.

The buyer of 100% of Novosibirskneftegaz stock and 71.09% of Severnoeneftegaz stock is a group of specialist Russian and foreign investors owning assets in the Russian oil and gas industry. The financial terms and details of the deal are not disclosed.

Morgan Stanley investment bank was exclusive financial advisor to TNK-BP for the deal.

“TNK-BP’s development strategy is focused on efficient improvement of core performance with a balanced asset portfolio to deliver the optimum rate of return,” said Mikhail Slobodin, TNK-BP’s Executive Vice President, Strategy and New Business Development. “This approach provides us with the operating and financial resources to pursue large-scale development projects in Russia’s new petroleum provinces.”