Sibneft Releases 'Charity' Info

Sibneft is the first Russian company to release 'social responsibility' statistical data. On April 8, Sibneft published the first official social report for 2002 and 2003 in Omsk. In this report Sibneft described in detail how much money it spent on charity. The report shows that Roman Abramovich, Sibneft owner, remains a sports fan. Of the $160 million spent on social goals the biggest sums were spent on development of Omsk-based Hockey club Avangard.

Bearing in mind how often state officials crack down on Abramovich for acquisition of Chelsea, it is easy to understand publication of the report by Sibneft. However, Chair of the Board of Directors of Sibneft Konstantin Potapov, who presented the report, said that publication of the report was caused "not by political but rather by economic reasons."

Between 2002 and 2003, charity programs cost Sibneft almost 5 billion rubles. Of this sum expenditures on projects of Avangard hockey club were the biggest and amounted to 692 million rubles. The report stated that expenditures on "support of ice hockey in the Omsk Region" exceeded 300 million rubles and expenditures on the regional program of aid to orphans amounted to 30 million rubles. Abramovich did not leave Chukotka, where he is the Governor, without support too. For instance, Sibneft spent more than 57 million rubles on capital repair of a hostel in Kopi settlement of the Chukotka Autonomous Area. The company also spent 1.175 million rubles on the Deer Breeder Day.