Gazprom Neft became the sole shareholder in Sibir Energy on Tuesday after the city of Moscow agreed to withdraw from the oil unit.
Sibir Energy's board voted Monday to reduce its charter capital by 22.4 percent, the amount previously owned by Tsentralnaya Toplivaya Kompania, a company affiliated with the Moscow administration, Gazprom Neft said Tuesday in an e-mailed statement.
Tsentralnaya Toplivaya Kompania will receive $740 million compensation, paid by Sibir Energy, Gazprom Neft's press service said.
Sibir Energy, which was delisted in London in 2009 following an investigation into former shareholders, owns half a Siberian oil production venture with Royal Dutch Shell. The venture last year contributed more than 80,000 barrels a day to Gazprom Neft's output, according to the company.
Gazprom Neft spent $2.51 billion building up a stake of about 80 percent in the company between April 2009 and May last year. In July, it sold about 3 percent to Moscow, the oil producer said in its third-quarter financial statement.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
