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Tuesday, August 15, 2006

What is Surgutneftegaz?

08–14–2006 Kommersant – The company was founded in 1993 by a resolution of the Russian government based on the state production association of the same name. Forty-five percent of the stock in the company belonged to the state, 8 percent was sold at a closed auction and 7 percent was bought by the company itself for vouchers. The remaining 40 percent was sold to AO Neft-Invest in June 1994 by the Khanty-Mansi Autonomous Area property fund. In 1995, a 40.16-percent state share was transferred to the company's pension fund by auction for 1.4 trillion rubles ($310.2 million).
According to the media, 62 percent of the stock in the company is controlled by company management at present through its subsidiaries. About 24 percent of stock is in free circulation, mainly as ADR. The company's capitalization is $38.2 billion. Its stock is traded on MICEX and RTS.
Surgutneftegaz's production in 2005 amounted to 468.4 million barrels of oil and 14.4 billion cu. m. of natural gas. It refined 135.6 million barrels of oil. Its proceeds in 2002 were $15.9 billion and net profit $4.2 billion. The company's reserves are estimated at 18.2 billion barrels of petroleum equivalent.
The company is currently the fourth largest oil producer in Russia and has a reputation for thriftiness, having accumulated $10 billion in free funds and refusing to acquire foreign assets.
Surgutneftegaz has 18 subsidiaries and one dependent enterprise. Its main production assets are concentrated in Khanty-Mansi Autonomous Area and the Sakha Republic (Yakutia). Among its other assets are the Kirishinefteorgsintez oil refinery, the Surgut natural gas processing plant and about 300 filling stations. It has 92,800 employees.
Vladimir Bogdanov is the company's general director, Nikolay Zakharchenko is the chairman of the board of directors.

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