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09/08/2009

Acron Sells Its Sibneftegaz Shares to Itera-Vostok

 Itera-Vostok, a member of the Itera International Group of Companies, has acquired 100% of shares of Firma Proekt, which holds a 21% stake in Sibneftegaz, from Acron.
 
Chairman of Acron’s Board of Directors Alexander Popov said: “The sale was the result of longstanding negotiations between Acron and Itera International Group. Currently Acron has no strategic use for the stake in Sibneftegaz, so we decided to withdraw and focus on our core business. The freed-up capital will be directed to investment projects and servicing Acron’s debt.”
Chairman of the Itera Oil and Gas Company Management Board Vladimir Mаkeev noted that Sibneftegaz is one of Itera’s key strategic assets. Acquisition of Acron’s stake fits with Itera’s plans to increase its raw material base. Consolidation of a stake of up to 49% will help the company, together with its partner Gazprombank, holder of 51% interest, ensure the company’s efficient growth and proceed with hydrocarbon reserves development.
 
Additional information:
Sibneftegaz owns subsoil licenses for the Beregovoye, Pyreinoye, Khadyryakhinskoye and Zapadno-Zapolyarnoye gas fields located in the Purovsky area of the Yamalo-Nenets Autonomous Okrug. The company’s total reserves exceed 400 billion cubic meters of gas.