Board of Directors agrees on Acquisition of 49% stake in Stimul
The Board of Directors’ meeting has adjourned at Gazprom’s Headquarters.
The Board agreed on the deal to buy into a Stimul 49% stake.
Thus, given last year’s June acquisition of Stimul’s 12.8% of shares, the Gazprom Group’s total share in the company will grow to a 100% stake.
Gazprom’s Board also endorsed its business plan over the 1st quarter of 2005, with the SIBUR’s development strategy for 2004 to 2011 and Gazprom’s top executives’ remuneration issues delayed until the next Board meeting.
A joint venture of Orenburggazprom (51%) and Avalon International (49%), Stimul was founded in 1993 to develop the eastern Orenburg field.
In 2000, the additional issue of Stimul’s shares and sales of the Avalon International-controlled stake of the company to Victory Oil ended up in the reduction of Orenburggazprom’s share in Stimul down to 38.2%.
In June 2004, Gazprom, Victory Oil and Magnum Oil signed a set of agreements on Gazprom’s buying into Stimul’s 12.8% of shares, with Renaissance Capital serving as Gazprom’s financial advisor on the transaction. Upon the deal completion, Gazprom and Orenburggazprom obtained control over a 51% stake of Stimul, entering into agreement with the owner of the rest of Stimul’s shares to hand them over under Gazprom’s management.
In 2003, Stimul extracted 352 thou t of oil & gas condensate and 240 mln cu m of natural gas.
Stimul is a vital part of Gazprom’s present-day infrastructure, supplying feedstock to Orenburggazprom and Salavatnefteorgsintez.
Information Directorate, OAO Gazprom