NewTech Services and Varel International Create Joint Venture
NewTech Services (NTS) and Varel International announce the creation of a 50-50 joint venture company focused on manufacturing, assembling, servicing and sales of oil and gas drill bits for the Russian CIS market and beyond. The joint venture, Varel NTS, will establish a state-of-the art PDC manufacturing and service facility …
Gazprom Neft’s syndicated loan named “Deal of the Year” by Trade Finance Magazine
In its annual recognition of the most noteworthy commodities and export finance deals, Euromoney publication, Trade Finance Magazine, awarded a “Deal of the Year” to the $1.5 billion syndicated loan secured by Gazprom Neft. Trade Finance Magazine stated in their article on the deal featured in the March 2011 edition that …
OAO Tatneft published its audited consolidated U.S. GAAP financial statements for the year ended December 31, 2010
OAO Tatneft (the “Company”) published today on its web-site (http://www.tatneft.ru/eng) the audited consolidated financial statements for the year ended December 31, 2010 prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) (the “Financial Statements”) and related Management Discussion and Analysis of Results of Operations (the “MD&A”). Selected financial …
Polarcus receives Letter of Intent from Wintershall
Polarcus Limited is pleased to announce that the Company has received a Letter of Intent from Wintershall Norge ASA for a 500 square kilometer 3D seismic acquisition project over PL577 in the Norwegian North Sea, offshore Norway. The project, subject to the execution of a service contract, will be acquired …
Gazprom Neft Fuels Business Growth with IBM Software
IBM today announced that Gazprom Neft, one of Russia’s leading oil companies, is using IBM DB2 database software to power its accounting system across its oil product delivery enterprises. As a result, Gazprom Neft expects to reduce operational risks, decrease the deadlocks by 40 times compared with the previous version …
Lukoil and Rosneft Sign a Deal on Long-term Cooperation
President of Rosneft Eduard Khudaynatov and Head of Lukoil Vagit Alekperov signed an agreement on long-term cooperation between their companies. Deputy Prime Minister Igor Sechin was present during the signing ceremony. Capitalizing on the successfully developing cooperation between the two companies and striving for improved profitability of existing projects, Rosneft …
SLAVNEFT HAS COMPLETED THE SALE OF CJSC JV MEKAMINEFT
As part of the implementation of supporting service assets of OAO Slavneft completed the procedure for the sale is part of the Joint-Stock Company “Joint Venture” MeKaMineft. Buyer 8,085 shares constituting 61.25% of the share capital of the company, was sold to OOO “Investment company” Denmar-Finance. CJSC JV “MeKaMineft” is …
KMG EP Closing of acquisition of a 50% stake in Ural Group Limited
KazMunaiGas Exploration Production announces the closing of the transaction to acquire a 50% stake in Ural Group Limited (UGL) from Exploration Venture Limited (EVL). UGL owns the exploration license for the block Fedorovskiy through 100% stake in LLP “Ural Oil and Gas” (UOG). As previously announced, the deal price was …
Rosneft accepts BP’s proposal to extend the deadline for the deal
BP has asked Rosneft to extend the deadline for the share swap agreement, pending the final decision of the Arbitration Institute of the Stockholm Chamber of Commerce, and in order to implement the share swap transaction between Rosneft and BP. Without waiving any of its rights, the Russian oil company …
Rosneft Board of Directors recommends a 20% dividend increase, to RUB 2.76 per share
The Board of Directors of Rosneft convened in regular session to discuss issues relating to the Annual General Meeting of Company shareholders (on the results of 2010). The Board approved the following agenda topics: Approval of the annual report; Approval of annual financial statements, including profit and loss statements (profit …