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Monday, December 01, 2008

Gazprom, TNK-BP delay Kovykta deal again

RBC, 28.11.2008, Moscow 14:30:49 – The Kovykta field deal will not be closed by the end of November as previously planned, TNK-BP Executive Director for Gas Business Development Viktor Vekselberg told journalists today. He expressed hope, however, that the deal would be completed by the year-end. As reported earlier, the deal involves the sale of stakes in the Kovykta project - including 62.8 percent of shares in RUSIA Petroleum, the field's license holder, and 50 percent of the East Siberian Gas Company's shares - from TNK-BP to Gazprom. However, the parties have repeatedly postponed the signing of the contract, as large-scale work on the evaluation of the stake's price had to be carried out. The price will be determined on the basis of past costs and interest, which are now estimated at roughly $1bn.

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