Sibneft

Sibneft (????????? in Russian) is Russia's fifth largest oil producing and refining company. It was created by presidential decree in 1995 and privatized through a series of auctions in the subsequent two years.

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Sibneft initially combined Russia's largest oil refining complex in Omsk (dba Omsky NPZ), an oil and gas production enterprise based in the city of Noyabrsk in the Yamal-Nenets autonomous district (Noyabrskneftegas), a geological exploration enterprise and an oil products distribution network. Headquartered in Moscow, the company retains its official corporate address in the city of Omsk.

Related Topics:
Omsk - Moscow

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Sibneft has spent the past seven years spinning-off non-core assets, including Russia's largest pork meat farm, Omsky Bacon, as well as various service enterprises. The company also implemented a broad program to institute international best practices across its businesses and work closely with major international oil field services firms.

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Sibneft has twice attempted a merger with Yukos, to form Russia's largest oil company YukosSibneft. The first attempt in 1998 failed due to a dispute over management. The process was well under way the second time in 2003 when the Federal government cracked down on Yukos, and Sibneft's shareholders called off the merger in November of that year.

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Sibneft remains the largest employer in Omsk and Noyabrsk. It is also an official sponsor of the CSKA-Moscow soccer team, the Omsk Avangard hockey team, and a variety of running, mini-football, nordic skiing and motorcross events. The stock trades on MICEX under the ticker SIBN.

Related Topics:
Omsk - Avangard - MICEX

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In September 2005 Russia's largest corporate takeover occurred when Gazprom (in which the Russian government obtained a majority stake the previous June) agreed to buy 72.663% of Sibneft shares for US$ 13.01 billion.

Related Topics:
Gazprom - US$

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