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TNK-BP in talks to buy gas distribution firms from IES-Holding

Russian-British oil company TNK-BP is in talks with Integrated Energy Systems holding company (IES-Holding) to buy its gas distribution firms for an undisclosed sum, Kommersant business daily reported on Tuesday

TNK-BP in talks to buy gas distribution firms from IES-Holding TNK-BP in talks to buy gas distribution firms from IES-Holding

TNK-BP board will discuss the deal further in mid-December, the paper said.

Kommersant quoted sources close to negotiations as saying that TNK-BP was considering buying some companies belonging to Gazeks, an IES-Holding subsidiary. TNK-BP is particularly interested in Irkutskoblgaz, a company that runs a number of gas filling stations, services underground gas pipelines and sells and installs gas equipment to households in Eastern Siberia.

A market source told the paper TNK-BP might be interested in Gazeks as the company wanted access to the end gas consumer. TNK-BP is developing gas business actively and plans to boost its gas output to 30 billion cubic meters by 2020 compared with 12.1 bcm last year. The company plans to invest $2 billion in gas projects.

IFD Kapital analyst Vitaly Kryukov said TNK-BP's efforts reflect the company's wish to to expand in the gas sector, but gas giant Gazprom did not always agree to buy all gas from independent producers.

VTB Capital analyst Svetlana Grizan said the purchase of Gaseks' companies would produce a good synergy effect as TNK-BP's production capacities would join Gaseks' transportation facilities.

Source : RIA Novosti