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. Last Updated: 07/27/2016

Rosinvestneft Sheds Assets It Bought From Sidanko

The Rosinvestneft group of companies is selling off assets it acquired from oil major Sidanko at the start of this year when Sidanko was going through a bankruptcy procedure.

The Moscow regional arbitration court released Sidanko from bankruptcy on Jan. 28.

Rosinvestneft has already found buyers for some of the assets. It is unknown who will get the 8.5 percent block of shares in Rusia Petroleum, an operator of the giant Kovykta gas deposit in eastern Siberia. One possible buyer is Yukos, the nation's No. 2 oil producer.

Sidanko shareholder BP Amoco had plans to export gas from the deposit to China and possibly further to South Korea. Yukos is interested in selling oil and gas to China.

Half a year ago, Rosinvestneft purchased the Angarsk and Khabarovsk oil refineries from Sidanko as well as a network of sales enterprises in western Siberia and the Far East. The Angarsk oil refinery's assets include an 8.5 percent share in Rusia Petroleum.

In March, company head Vitaly Maschitsky said Rosinvestneft would act as a strategic investor for the enterprises acquired from Sidanko for a minimum of five years.

However, even then, analysts said Rosinvestneft had bought the assets so it could sell them. Now their forecast is starting to come true.

On Thursday, the press service of the Alyans Group said Alyans would soon accumulate controlling stakes in the Khabarovsk oil refinery and five Far East oil product retailers.

Rosinvestneft has offered its 8.5 percent stake in Rusia Petroleum to Rusia shareholders and a number of interested companies, the press service said.

BP Amoco and the Tyumen Oil Co., which own 25 percent and 6 percent of the Kovykta project, respectively, have already received the proposals. BP Amoco refused to comment Thursday on talks with Rosinvestneft.

Yukos cannot be ruled out as a buyer of Rosinvestneft's Rusia Petroleum shares or of the Angarsk oil refinery. Yukos is Rosinvestneft's strategic partner for supplying oil to the refinery. Yukos officials said Thursday they had not yet acquired shares in the refinery or Rusia.