May bid for Norsi Oil refinery
Sibneft has asked the Antimonopoly Ministry for permission to bid for at least 25% of Norsi Oil refinery due to be auctioned in mid-October. The Russian government is seeking a total of $22mn, plus assumption of up to $300mn in tax debts, for two stakes of 40% and 45.36%.
The strategic motive for Sibneft's acquisition of Norsi Oil is unclear. Sibneft's own Omsk refinery is operating at only 76% of capacity, although next year capacity utilization may rise to 91%. Yet, Norsi Oil with 22mn tons (440mbpd) of available capacity appears to exceed by far Sibneft's potential needs.
Sibneft's interest in Norsi may be that of a purely financial investor, seeking to generate good return on excess cash. Also, Sibneft may seek to acquire Norsi Oil as a part of a bigger future transaction, involving acquisition of upstream assets or an asset swap with another Russian oil company.
At any rate, Sibneft's contest with Lukoil over Norsi promises to be very interesting. The Russian government will stop taking bids on 16 October, with results to be announced on 19 October.
[Aton]
Sibneft has asked the Antimonopoly Ministry for permission to bid for at least 25% of Norsi Oil refinery due to be auctioned in mid-October. The Russian government is seeking a total of $22mn, plus assumption of up to $300mn in tax debts, for two stakes of 40% and 45.36%.
The strategic motive for Sibneft's acquisition of Norsi Oil is unclear. Sibneft's own Omsk refinery is operating at only 76% of capacity, although next year capacity utilization may rise to 91%. Yet, Norsi Oil with 22mn tons (440mbpd) of available capacity appears to exceed by far Sibneft's potential needs.
Sibneft's interest in Norsi may be that of a purely financial investor, seeking to generate good return on excess cash. Also, Sibneft may seek to acquire Norsi Oil as a part of a bigger future transaction, involving acquisition of upstream assets or an asset swap with another Russian oil company.
At any rate, Sibneft's contest with Lukoil over Norsi promises to be very interesting. The Russian government will stop taking bids on 16 October, with results to be announced on 19 October.
[Aton]