Sibir Energy

Sibir Energy is a London-based Russian public limited company, whose primary line of business is petroleum and natural gas exploration in Siberia. Its shares were traded on the Alternative Investment Market, part of the London Stock Exchange. As of 2011, it is a wholly owned subsidiary of Gazprom Neft.

Sibir Energy
TypePrivate
IndustryOil and gas industry
Founded1996 (1996)
HeadquartersLondon, UK
Moscow, Russia
Key people
Vadim Yakovlev (Chairman)
Igor Tsibelman (CEO)
ProductsPetroleum
Petroleum products
RevenueUS$1.77 billion (2007)[1]
US$195 million (2007)
US$282 million (2007)
Number of employees
3,200
ParentGazprom Neft
Websitewww.sibirenergy.com

History

Sibir was founded in 1996, and since then it had pursued an integrated model for its business operations by retaining a focus on retail as well as its core exploration, extraction and refinery activities.

On 21 August 2009, Gazprom Neft made a bid to take over all shares in Sibir Energy.[2] On 15 February 2011, it announced becoming the only shareholder in Sibir Energy after the withdrawal of the Moscow government-controlled Central Fuel Company.[3]

Operations

The company's primary assets are Salym oil fields in Nefteyugansk area operated by Salym Petroleum Development, a 51% voting share in Moscow Oil Refinery, operated in partnership with Gazprom Neft, and a substantial interest in Moscow-based gasoline retail networks. Through its subsidiary, Magma, Sibir Energy has interests in the Yuzhnoye and Orekhovskoye fields in West Siberia.[4] It owns the Moscow Oil and Gas Company (formerly: The Moscow Oil Company).

Listing

Before takeover by Gazprom Neft, Sibir Energy's shares were traded on the Alternative Investment Market. The largest shareholders were Gazprom Neft and the Moscow city government together with the Bank of Moscow. A minor stake was held by Sberbank, pledged as loan collateral by Russian businessman Shalva Chigirinsky.[5]

Management

Chairman of the company is Vadim Yakovlev and CEO is Igor Tsibelman. Non-executive directors are Dmitry Bekker, Maxim Viktorov and Andrei Martianov.[6]

Investigations

In late February 2009, Sibir Energy suspended its chief executive with immediate effect and launched an investigation into property dealings that the company had agreed with one of its former largest shareholders Shalva Chigirinsky. The company is suing Shalva Chigirinsky for at least US$325 million for a failed bid to sell his real estate assets to the company.[7]

On July 8, 2009, Russian police raided into the company's Moscow office and took away some corporate documents.[7][8]

References
  1. 2007 annual report, p.39
  2. "Gazprom Neft bids to take over Sibir". Upstream Online. NHST Media Group. 2009-09-25. (subscription required). Retrieved 2009-09-26.
  3. "Gazprom Neft takes reigns at Sibir Energy". Upstream Online. NHST Media Group. 2011-02-15. (subscription required). Retrieved 2011-02-15.
  4. "Magma cashes up". Upstream Online. NHST Media Group. 2008-01-25. (subscription required). Retrieved 2009-09-13.
  5. Dmitry Sergeev (2009-08-24). "Sibir Energy secures $200 mln loan from Sberbank". Reuters. Retrieved 2009-09-13.
  6. James Davey (2009-08-12). "Sibir Energy chairman, CEO step down". Reuters. Retrieved 2009-09-13.
  7. Katya Golubkova (2009-07-17). "Moscow eyes bigger Sibir stake amid shareholder probe". Reuters. Retrieved 2009-09-13.
  8. Katya Golubkova, Dmitry Zhdannikov (2009-07-08). "Detectives search oil firm Sibir's Moscow offices". Reuters. Retrieved 2009-09-13.
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