Sidanko also transliterated as SIDANCO (Сиданко; Russian: Сибирско-Дальневосточная нефтяная компания, lit. 'Siberian-Far Eastern Oil Company') was a Russian oil company, the 8th largest company in the country by revenue in 1995. [1] Sidanko owned several oil production units, including Chernogorneft and Udmurtneft. [2]
Sidanko was established through the Decree No. 452 of the Russian government, published on 5 May 1994. The company counted among its assets oil extraction and processing facilities in the Udmurt Republic and in the Khanty-Mansiysk, Yamalo-Nenets, Irkutsk and Sakhalin regions. [3] It was privatized in December 1995, when the Russian government auctioned off a 51% share as part of the loans for shares scheme. [4] [a] The 51% stake was awarded to the bank Mezhdunarodnaya Finansovaya Kompaniya in return for a $130 million loan, guaranteed by Vladimir Potanin's Uneximbank. [6] The company came under the ownership of Uneximbank, which exercised control over it through the Interros holding company. [7]
An additional 34% stake was sold by the government in September 1996, [8] in an auction designed to have Uneximbank as the only admissible bidder. [9] As with the rest of the loan for shares scheme, the Sidanko auction was considered rigged by most analysts. [10] In November 1997 British Petroleum bought a 10% share in the company for $484 million. [2]
Sidanko entered bankruptcy proceedings in February 1999, after ZAO Beta Ekho filed to recover a $22,000 debt. [11] Beta Ekho was later revealed to be a vehicle of Mikhail Fridman's Alfa Group, which was using bankruptcy laws to avenge Fridman's exclusion by Potanin from the Svyazinvest privatization. [12] In September 1999 western creditors agreed to cede their voting rights in the company to Russian government. [13]
Tyumen Oil Company bought Sidanko's Chernogorneft unit for $176 million at a bankruptcy auction in November 1999. [14] [15] [16] [17] In 2001 Interros sold a 44% stake in the company for $650 million. [10] BP raised its stake to 25% in 2002, paying $375 million for a 15% share. [18] In 2003 Sidanko merged with TNK, Onako and the majority of BP's oil assets in Russia to form TNK-BP. [19]
{{
cite news}}
: CS1 maint: multiple names: authors list (
link)
Sidanko also transliterated as SIDANCO (Сиданко; Russian: Сибирско-Дальневосточная нефтяная компания, lit. 'Siberian-Far Eastern Oil Company') was a Russian oil company, the 8th largest company in the country by revenue in 1995. [1] Sidanko owned several oil production units, including Chernogorneft and Udmurtneft. [2]
Sidanko was established through the Decree No. 452 of the Russian government, published on 5 May 1994. The company counted among its assets oil extraction and processing facilities in the Udmurt Republic and in the Khanty-Mansiysk, Yamalo-Nenets, Irkutsk and Sakhalin regions. [3] It was privatized in December 1995, when the Russian government auctioned off a 51% share as part of the loans for shares scheme. [4] [a] The 51% stake was awarded to the bank Mezhdunarodnaya Finansovaya Kompaniya in return for a $130 million loan, guaranteed by Vladimir Potanin's Uneximbank. [6] The company came under the ownership of Uneximbank, which exercised control over it through the Interros holding company. [7]
An additional 34% stake was sold by the government in September 1996, [8] in an auction designed to have Uneximbank as the only admissible bidder. [9] As with the rest of the loan for shares scheme, the Sidanko auction was considered rigged by most analysts. [10] In November 1997 British Petroleum bought a 10% share in the company for $484 million. [2]
Sidanko entered bankruptcy proceedings in February 1999, after ZAO Beta Ekho filed to recover a $22,000 debt. [11] Beta Ekho was later revealed to be a vehicle of Mikhail Fridman's Alfa Group, which was using bankruptcy laws to avenge Fridman's exclusion by Potanin from the Svyazinvest privatization. [12] In September 1999 western creditors agreed to cede their voting rights in the company to Russian government. [13]
Tyumen Oil Company bought Sidanko's Chernogorneft unit for $176 million at a bankruptcy auction in November 1999. [14] [15] [16] [17] In 2001 Interros sold a 44% stake in the company for $650 million. [10] BP raised its stake to 25% in 2002, paying $375 million for a 15% share. [18] In 2003 Sidanko merged with TNK, Onako and the majority of BP's oil assets in Russia to form TNK-BP. [19]
{{
cite news}}
: CS1 maint: multiple names: authors list (
link)