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Sidanko

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Sidanko (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]

History

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] The 51% stake was awarded to the bank Mezhdunarodnaya Finansovaya Kompaniya in return for a $130 million loan, guaranteed by Vladimir Potanin's Uneximbank.[5] The company came under the ownership of Uneximbank, which exercised control over it through the Interros holding company.[6]

An additional 34% stake was sold by the government in September 1996,[7] in an auction designed to have Uneximbank as the only admissible bidder.[8] As with the rest of the loan for shares scheme, the Sidanko auction was considered rigged by most analysts.[9] 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.[10] 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.[11] In September 1999 western creditors agreed to cede their voting rights in the company to Russian government.[12]

Tyumen Oil Company bought Sidanko's Chernogorneft unit for $176 million at a bankruptcy auction in November 1999.[13] In 2001 Interros sold a 44% stake in the company for $650 million.[9] BP raised its stake to 25% in 2002, paying $375 million for a 15% share.[14] In 2003 Sidanko merged with TNK, Onako and the majority of BP's oil assets in Russia to form TNK-BP.[15]

References

  1. ^ "Рейтинг крупнейших компаний России по объему реализации продукции". raexpert.ru. Archived from the original on 10 June 2017. Retrieved 3 September 2017.
  2. ^ a b Banerjee, Neela (13 August 1999). "From Russia, With Bankruptcy; A High Cost for BP Amoco's Investment in an Oil Concern". The New York Times. Archived from the original on 3 September 2017. Retrieved 3 September 2017.
  3. ^ "Правительство создало новую нефтяную компанию". Kommersant. 19 May 1994. Archived from the original on 4 September 2017. Retrieved 3 September 2017.
  4. ^ "Russia to Sell Majority of Sidanko". Los Angeles Times. Archived from the original on 23 September 2017. Retrieved 3 September 2017.
  5. ^ "Newsline". RadioFreeEurope/RadioLiberty. December 8, 1995. Archived from the original on 4 September 2017. Retrieved 3 September 2017.
  6. ^ "Too much trouble". The Economist. 8 January 1998. Archived from the original on 4 September 2017. Retrieved 3 September 2017.
  7. ^ "Incomplete Privatization Mixes Ownership Of Russia's Oil Industry". www.ogj.com. Archived from the original on 3 September 2017. Retrieved 3 September 2017.
  8. ^ "Entrepreneur In The Kremlin". Bloomberg. September 23, 1996. Retrieved 3 September 2017.
  9. ^ a b Whalen, Jeanne (3 August 2001). "Potanin Reaps Big Gain on Sidanko Sale Despite Firm's Rickety Financial Health". Wall Street Journal. Archived from the original on 3 September 2017. Retrieved 3 September 2017.
  10. ^ "Sidanko hit with suit". money.cnn.com. February 1, 1999. Archived from the original on 3 September 2017. Retrieved 3 September 2017.
  11. ^ "Investors ask which Russian bank domino will be the next to topple". IntelliNews. Archived from the original on 26 September 2017. Retrieved 25 September 2017.
  12. ^ "Russia handed rights to Sidanko". www.fn.com. September 8, 1999. Archived from the original on 3 September 2017. Retrieved 3 September 2017.
  13. ^ "Tyumen to transfer key subsidiary to Sidanko". www.ogj.com. Archived from the original on 3 September 2017. Retrieved 3 September 2017.
  14. ^ "Gluttons for punishment?". The Economist. 18 April 2002. Archived from the original on 3 September 2017. Retrieved 3 September 2017.
  15. ^ "Timeline: BP's chequered history in Russia". Telegraph.co.uk. Archived from the original on 11 September 2017. Retrieved 3 September 2017.
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