1 July 2005
Latest news on Sibir Energy case by International Oil Daily newswire

International Oil Daily

Sibir Warns on Sibneft

UK-registered Sibir Energy and Moscow city authorities have joined forces against Russian oil producer Sibneft and core shareholder Roman Abramovich.

Sibir and the Moscow authorities are trying to reacquire Sibir's 50% stake in the Sibneft-Yugra joint venture, which was diluted by Sibneft to 1%. Sibir's stake in Sibneft-Yugra was supposed to be contributed to Moscow Oil and Gas Co. (MOGC), a joint venture between Sibir and the government of Moscow.

Sibir and MOGC also said they wanted to warn any potential buyer of Sibneft of the risks involved. "No buyer of Sibneft can now claim to be a bona fide purchaser, having been made aware of Sibneft's involvement in the dilution of Yugraneft's shareholding and of the pending proceedings against Sibneft and other parties," Sibir's legal counsel Dmitriy Afanasiev, said at press conference.

Sibir said it would continue to pursue court cases in Russia and would soon initiate legal action against "the perpetrators of this fraud elsewhere."