Sibneft Preparing for Foreign Ownership»

Roman Abramovich, the Russian billionaire and owner of Sibneft, plans to sell half of his 92% shares of Sibneft to a group of foreign energy companies. According to reports, Abramovich has been negotiating with Royal Dutch/Shell, ChevronTexaco and Total. They are discussing a a deal that will give the foreign companies control over approximately 46% of Sibneft shares.

Sibneft did not comment on reports about the possible sale of 46% of the company's shares by Roman Abramovich. The company's Press Secretary Alexei Firsov stated, "We never comment on market rumors, and this information belongs to the category of market rumors."

Bankers state that ChevronTexaco is the party most interested in acquisition of controlling interest in Sibneft. Executive directors of Total state that gradual expansion in Russia is preferential for them but sources close to the French company say that the company is prepared to consider a possibility of acquisition of Sibneft shares.