Monday, April 20, 2009
Rosneft keeps mum over Sibir talk
04-20-2009 - Upstream OnLine - Russian state-run producer Rosneft has refused to comment on reports that it is considering bidding for AIM-listed Sibir Energy. A report in yesterday's Sunday Times said Rosneft was understood to have contacted Sibir regarding a possible bid for the company. The London-based newspaper, which did not cite its sources for the report, also wrote that Merrill Lynch had carried out a valuation of Sibir in anticipation of forthcoming offers. Last week, the Sunday Times reported that German Khan, a large shareholder and key executive at TNK-BP had canvassed Sibir investors to accept a £6 ($8.88) per share bid. Sibir then said it had not received any direct offers from rivals. The company's shares were suspended in February after it was discovered it was owed $325 million by its 23.5% shareholder Shalva Chigirinsky. The Sunday Times also reported Chigirinsky had agreed to sell $350 million worth of his personal assets, including a French villa, in order to repay debt. The newspaper did not say where it obtained this information.