ОАО NGK Slavneft closed the transaction for the sale of its interest in ОАО Slavneft-Yaroslavl Mendeleyev Refinery to ZАО NEFTGAZSBYT.
The interest sold includes 1,059,069 ordinary and 95,935 preferred registered shares making 51.8568% in the Refinery’s equity.
The Board of Directors of ОАО NGK Slavneft resolved to sell its interest in OAO Slavneft-Yaroslavl Mendeleyev Refinery in May 2007. It was triggered by an ambition to improve the Company’s operational structure, having the well-balanced portfolio of production and processing assets, and necessity to focus the investment resources on upgrading of ОАО Slavneft-Yaroslavnefteorgsintez, the Holding’s key Refinery.
The shareholders and managers of ОАО NGK Slavneft repeatedly stated that they considered it possible to sell OAO Slavneft-Yaroslavl Mendeleyev Refinery only to a reliable, socially responsible buyer able to ensure its further development. Within preparation for the transaction with OAO NGK Slavneft, ZАО NEFTGAZSBYT signed the Agreement with the Yaroslavl Government, under which it is liable to upgrade and utilize the Refinery’s capacities, and continue implementation of the social and environmental programs.
ОАО Slavneft-Yaroslavl Mendeleyev Refinery was established in 1879. Its capacities allow processing up to 500 ths tons of hydrocarbons per annum and manufacturing approximately 50 different products, including oil fuels, motor gasoline, gear, fuel, industrial, non-fluid, burner oils, coolants, oil additives, plastisol, and arctic fuels.