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. Last Updated: 07/27/2016

Tyumen Stake Sale

MOSCOW -- The main shareholder in Tyumen Oil Co. is seeking a strategic partner to buy an equity stake in the company and has hired J.P. Morgan to assist in the search, a Tyumen spokesman said Thursday.

Novy Kholding, a company representing Alfa Bank and U.S.-Russian joint venture Renova, owns 50.17 percent of Tyumen and is considering selling a packet worth 5 percent to 20 percent of company shares to a strategic partner, Interfax reported.

The Tyumen spokesman would not comment on the figures but said a sale could take place by the end of 1999. The money would be used to raise working capital for Tyumen. The Russian government owns 49.8 percent of the company.