Sidanko also transliterated as SIDANCO (Сиданко; ) was a Russian oil company, the 8th largest company in the country by revenue in 1995. Sidanko owned several oil production units, including Chernogorneft and Udmurtneft.

History

Sidanko was established through the Decree No. 452 of the Russian government, published on 5 May 1994. The company counted among its assets oil extraction and processing facilities in the Udmurt Republic and in the Khanty-Mansiysk, Yamalo-Nenets, Irkutsk and Sakhalin regions. It was privatized in December 1995, when the Russian government auctioned off a 51% share as part of the loans for shares scheme. The 51% stake was awarded to the bank Mezhdunarodnaya Finansovaya Kompaniya in return for a $130 million loan, guaranteed by

Vladimir Potanin Vladimir Olegovich Potanin (; born 3 January 1961) is a Russian oligarch. He acquired his wealth notably through the controversial loans-for-shares program in Russia in the early to mid-1990s. As of May 7, 2025, Forbes ranked 81st richest in ...

's Uneximbank. The company came under the ownership of Uneximbank, which exercised control over it through the

Interros Interros is a Russian conglomerate controlled by Russian oligarch Vladimir Potanin with large stakes in mining, metals, energy, finance, retail, real estate and other economic sector, sectors. The company's headquarters are located in Moscow. O ...

holding company. An additional 34% stake was sold by the government in September 1996, in an auction designed to have Uneximbank as the only admissible bidder. As with the rest of the loan for shares scheme, the Sidanko auction was considered rigged by most analysts. In November 1997 BP bought a 10% share in the company for $484 million. Sidanko entered bankruptcy proceedings in February 1999, after ZAO Beta Ekho filed to recover a $22,000 debt. Beta Ekho was later revealed to be a vehicle of

Mikhail Fridman Mikhail Maratovich Fridman (also transliterated Mikhail Friedman; ; ; born 21 April 1964) is a Ukrainian-born, Russian–Israeli tycoon and Russian oligarchs, oligarch. He is one of the co-founders of Alfa Group, Alfa-Group, a multinational Rus ...

Alfa Group Alfa Group Consortium () is a Russian international privately owned investment groups, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, water utilities and special ...

, which was using bankruptcy laws to avenge Fridman's exclusion by Potanin from the

Svyazinvest OJSC Svyazinvest ( Russian: ОАО Связьинвест) was Russia's largest telecommunications holding company. Based in Moscow, it was founded according to Order №1297 of the Russian government on November 25, 1994, and was registered on Se ...

privatization. In September 1999 western creditors agreed to cede their voting rights in the company to Russian government.

Tyumen Oil Company Tyumen ( ; rus, Тюмень, p=tʲʉˈmʲenʲ, a=Ru-Tyumen.ogg) is the administrative center and largest types of inhabited localities in Russia, city of Tyumen Oblast, Russia. It is situated just east of the Ural Mountains, along the Tura ( ...

bought Sidanko's Chernogorneft unit for $176 million at a bankruptcy auction in November 1999. In 2001 Interros sold a 44% stake in the company for $650 million. BP raised its stake to 25% in 2002, paying $375 million for a 15% share. In 2003 Sidanko merged with TNK, Onako and the majority of BP's oil assets in Russia to form

TNK-BP TNK-BP (, ) was a major vertically integrated Russian oil company headquartered in Moscow. It was Russia's third-largest oil producer and among the ten largest private oil companies in the world. In 2013 it was acquired by Russian oil company R ...

Notes

References

External links

Official website
(archived) {{BP, state=collapsed Companies based in Moscow Defunct oil companies of Russia Former BP subsidiaries 1994 establishments in Russia 2001 disestablishments in Russia