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OAO NGK Slavneft continues to divest oilfield service assets

02.06.2010

For the purpose of optimization of industrial structure, OAO NGK Slavneft completes the process of selling the auxiliary oilfield service subsidiaries. As a result of the competitive selection of applicants performed in April - May of this year, the purchaser of the two transportation subsidiaries (ООО Avtotransservis and OOO Neftespetstrans), well cementing subsidiary (OOO Megionskoye Tamponazhnote Upravlenie) and field roads and well pads construction and maintenance subsidiary (OOO Neftespetsstroy) were determined. As on this date, the deals with the purchasers of these assets have nearly been arranged.
As for the other two oilfield subsidiaries that provide maintenance services of oilfield equipment and repair of the tubing and spear (OOO MegionNefteRemServis and production base of OAO Slavneft-Megionneftegaz) offered for sale, no proposals to meet Slavneft’s wishes as for the price, date, payment terms and further cooperation have been received.
OAO NGK Slavneft plans to sell these assets in June of this year. The information about tenders and competitions is available on the Company’s website (http://www.slavneft.ru).
The decision to sell the oilfield service subsidiaries which facilities are located in the KhMAO-Yugra was made at the end of 2009. The separation and divestment of servicing subsidiaries will allow Slavneft focusing on the development of basic facilities, costs reduction, and will promote the competition and improve the quality of services on the service market.

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