Integrated Oil & Gas

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ANK Bashneft' OAO plans reorganization to eliminate cross-ownership-Interfax

Friday, 13 Dec 2013 08:06am EST

ANK Bashneft' OAO:Directors at Bashneft will meet on Dec. 17 to discuss convoking an extraordinary shareholders meeting to vote on the company's reorganization by eliminating cross-ownership via Sistema-Invest-Interfax.Bashneft said in a statement that the board would recommend voting in favor of reorganization by merging with CJSC Bashneft-Invest, which will be set up as the result of a spin-off from Sistema-Invest; and to approve a reduction in Bashneft's charter capital.Charter capital might be reduced by canceling shares in the company that will end up on Bashneft-Invest's books as the result of shareholders in Bashneft and AFK Sistema splitting up the assets of Sistema-Invest.Sistema-Invest owns 25.24 pct of Bashneft while AFK Sistema owns 51 pct and Bashneft owns 49 pct of Sistema-Invest.AFKS Sistema is the biggest shareholder in Bashneft with 87.6 pct voting shares.Bashneft told Interfax that the purpose of the reorganization is to eliminate the cross-ownership of shares in Bashneft and to complete the process of disposing of non-core businesses.It is anticipated that the board of directors will on Dec. 17 name the price at which ordinary and preferred shares will be purchased from shareholders dissenting against or abstaining from voting on the reorganization.Preferred shares may also be cancelled and charter capital reduced.

Novatek OAO Closes Offices in London, Two Russian Cities-Interfax

Thursday, 31 Oct 2013 06:53am EDT

Interfax reported that Novatek OAO is closing representative offices in London and the Russian cities of Samara and Novokuibyshevsk, in the Samara region. The Company said in a statement that its Board of Directors reached the decision on October 30.

Santos Ltd Closes Down Bangladesh's Offshore Gas Field-Reuters

Tuesday, 1 Oct 2013 08:36am EDT

Reuters reported that Bangladesh's offshore gas field stopped permanently on October 01, 2013 due to its uncommercial level of production. Sangu could produce only 2.5 million cubic feet gas a day. Santos officials had said that the well would not be economically viable if its output fell to 15 mmcfd.

Petroleo Brasileiro Petrobras SA Announces Merger by Incorporation of Wholly-Owned Subsidiary

Monday, 12 Aug 2013 07:37am EDT

Petroleo Brasileiro Petrobras SA announced that its Board of Directors on August 9, 2013 approved a proposal of merger by incorporation of its wholly-owned subsidiary, Sociedade Fluminense de Energia LTDA, in order to simplify the corporate structure, minimize costs and capture synergies. The proposal of merger will be submitted to the Extraordinary General Meeting of the Company.

Gazprom neft' OAO to Liquidate Representative Office-SKRIN

Thursday, 11 Jul 2013 12:30am EDT

SKRIN reported that Gazprom neft' OAO has decided to liquidate its representative office in Salekhard in the Yamalo-Nenets Autonomous Region.

NK Lukoil OAO Finishes First Stage of Reorganizing Retail Structure; Spins Off LLC Lukoil-Chernozemenefteproduct and LLC Lukoil-Yugo-Zapadnefteproduct from Subsidiaries-Interfax

Monday, 8 Jul 2013 03:56am EDT

Interfax reported that NK Lukoil OAO (Lukoil) has finished reorganizing its petroleum products retail and minor wholesale enterprise LLC Lukoil-Tsentrnefteproduct by spinning off LLC Lukoil-Chernozemenefteproduct from it. The new company includes filling stations and tank farms located in the Kaluga, Bryansk, Lipetsk, Ryazan, Tula and Orlov regions. Lukoil-Tsentrnefteproduct will continue to oversee petroleum product supplies in the Russian capital and the Moscow, Tver and Smolensk regions. In addition, Lukoil has finished reorganizing LLC Lukoil-Nizhnevolzhsknefteproduct by spinning off LLC Lukoil-Yugo-Zapadnefteproduct from it. The new enterprise comprises petroleum product retail and minor wholesale assets in the Voronezh, Belgorod, Kursk and Tambov regions. Lukoil-Nizhnevolzhsknefteproduct will continue to be responsible for filling stations and tank farms in the Volgograd, Rostov, Saratov, Astrakhan and Penza regions.

Eni SpA Announces Reorganization of Gas and Power Segment

Monday, 1 Jul 2013 05:40am EDT

Eni SpA announced that following the reorganization of Eni’s Gas & Power activities, approved by the Company's Board of Directors, the Business Unit Optimization & Trading will be renamed Business Unit Midstream and a new Business Unit Downstream Gas & Power has been created. The Business Unit Downstream Gas & Power, of which Eni’s Chief Executive Officer, Paolo Scaroni, has been appointed interim head, will be responsible for the development in Italy and abroad of commercial retail and mid gas & power as well as the generation of electricity power. The Business Unit Midstream, headed by Marco Alvera, will oversee commodity trading activities, supply and oil & gas portfolio optimization, sales on wholesale gas & power markets, midstream LNG commercial activities and commodities transport. Following the reorganization, the Gas & Power Division activities will merge into the Business Units mentioned above.

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