On February 14, the Board of Directors of Sibir Energy adopted a resolution to reduce the company’s share capital by 86.25 mln. shares (22.39%).
Affiliated to the Moscow government, Central Fuel Company (Tsentralnaya Toplivnaya Kompaniya, TTK) took a decision to withdraw membership in Sibir Energy.
Consequently, Gazprom Neft becomes a sole shareholder in Sibir Energy starting from February 15. TsTK will receive compensation for the previously held block of shares in Sibir Energy in the amount of $740 mln.
By the standards of M & A Gazprom Neft Sibir Energy gained rapidly.
A couple years ago, the principal owner of the company were Bennfield Ltd. (Equally owned by Shalva Chigirinsky and Igor Kesaev) - 46,65% and the Government of Moscow - 18.03%. Then Ruslan Baisarov the vice-president of the Moscow Oil and Gas Company flashed,he bought the share Chigirinsky.
Initially, the company Sibir Energy would like to buy TNK-BP, but withdrew it, after the offer of Gazprom Neft.
In July 2011, mr. Luzhkov (former Mayor of Moscow) wanted to increase the stake to increase the share of the Moscow government to the blocking, but he could do it.
Position of the new Mayor of Moscow mr. Sobyanin more loyal to the federal government policy. Sell, sell, and again to sell state property. The scale at the federal, but also at regional levels.
Sibir Energy owns a share in the Moscow Refinery and a network of 134 filling stations in Moscow and the Moscow Region. Together with Gazprom Neft, Sibir Energy controls 77 % of the share capital of the Moscow Refinery or 90% of the entity’s voting shares.
Practically, Moscow is giving away one of the key of their assets ..
The key upstream assets include JSC Magma (with 95% of the stock held by Sibir) and a 50% stake in Salym Petroleum Development (SPD), a joint venture with Royal Dutch Shell.