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Wednesday, September 19, 2007

Sibir Energy takes over Moscow Oil and Gas Company

RBC, 18.09.2007, Moscow 19:56:18.At an extraordinary meeting today, shareholders of the UK-listed company Sibir Energy approved a deal with the Moscow city administration, in which the city undertakes to transfer its refining and sales assets in the Moscow Oil and Gas Company (MOGC) to Sibir Energy, in exchange for an 18.03-percent stake in the combined company. As part of the deal, the Moscow city administration-owned Central Fuel Company (CFC) will subscribe to 69,714,254 common shares (an 18.03-percent stake) in the British company. In exchange for the stake in Sibir Energy, CFC will transfer to the company 35,010 common shares in MOGC. In addition, Sibir Energy will pay $200m for 7,780 preferred shares in MOGC held by CFC. When the deal is completed, MOGC will become Sibir Energy's wholly owned subsidiary, and CFC will hold an 18.03 percent stake in the enlarged Sibir Energy.

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