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OAO NGK Slavneft has completed the sale of auxiliary oilfield servicing assets

24.12.2010

ОАО NGK Slavneft has completed the sale of auxiliary oilfield servicing assets included into the Company’s Upstream Block. These assets have been purchased by the Russian companies operating in the regional oilfield servicing markets.
During 2010, within the program for optimization of ОАО NGK Slavneft production structure, the transactions on the sale of the following assets were effected:
- ООО AvtoTransServis (core activity: passenger/ cargo/ specialized transportation services);
- ООО NefteSpetsTrans (core activity: cargo transportation and maintenance of special vehicles in the course of fields operation);
- ООО NefteSpetsStroy (core activity: construction and maintenance of access ways, bridges and cluster foundations);
- ООО Megionskoye Tamponazhnoye Upravleniye (core activity: well cementing);
- ZAO Slavneftstroy (core activity: construction of production and infrastructure facilities);
- ООО MegionNefteRemServis (core activity: overhaul of oilfield equipment);
- ОАО Slavneft-Megioneneftegaz property (shops and equipment) ensuring the full closed cycle for tubing and pump rods overhaul.
The Slavneft total proceeds from the sale of auxiliary oilfield servicing assets amounted to approximately 2.2 bln rubles what significantly exceeded the initial assets cost determined under the reports of independent appraisers.
The resolution on the sale of oilfield servicing assets was passed at the end of 2009. Splitting-off and divestment of auxiliary assets from the Slavneft Holding will enable the Company to focus the efforts on development of the key activity. Slavneft believes that this step will encourage the OPEX decrease, competition development and enhancement of the services quality.

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