RusEnergy

24.01.2006 IntelliNews Today - According to oil major Russneft's CEO Mikhail Gutserev, the company is going to exchange assets with another oil company LUKoil. Specifically, Russneft will sell LUKoil its 34% stake in oil producer Geoilbent. In exchange, LUKoil will give up several of its oil extracting assets. The Russneft's CEO did not specify, which assets were meant. LUKoil tries to buy a stake in Geoilbent since mid-2005. The oil major bought 66% of Geoilbent’s shares from Novatek in June 2005 for USD 180mn. However, the transaction was contested by Russneft's subsidiary BraodWood Trading and Investments, which earlier purchased the 34% stake in Geoilbent from another oil major Yukos. The deal was blocked for several months until the agreement was reached. After that LUKoil began negotiations with Russneft to acquire the remaining 34% stake in Geoilbent