Sidanko (Сиданко; russian: Сибирско-Дальневосточная нефтяная компания, , Siberian-Far Eastern Oil Company) 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'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 sectors. The company's headquarters are located in Moscow.
Origins
The ...
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
British Petroleum 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's
Alfa Group, which was using bankruptcy laws to avenge Fridman's exclusion by Potanin from the
Svyazinvest 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 city of Tyumen Oblast, Russia. It is situated just east of the Ural Mountains, along the Tura River. Fueled by the Russian oil and gas indu ...
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.
References
External links
Official website(archived)
{{Authority control
Russian companies established in 1994
Defunct oil companies of Russia
Companies disestablished in 2001
Companies based in Moscow