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OAO NGK Slavneft sold ZАО SP MeKaMineft

21.04.2011

Within the sale of the auxiliary oilfield service assets, OAO NGK Slavneft completed the sale of ZАО SP MeKaMineft which was a part of the Company’s structure. ООО Denmar-Finance Investment Company acquired 8,085 ordinary shares making 61.25% of the subsidiary’s equity.
ZАО SP MeKaMineft was the ОАО Slavneft-Megionneftegaz’s subsidiary rendering services aimed to enhance oil recovery at the developed fields and performing deep hydraulic fracturing, exploration, well servicing and major work over, servicing of hydraulic tongs used in the process of well development.
The resolution to sale the Company’s oilfield services was passed at the end of 2009. Withdrawal and divestment of auxiliary structures will enable OAO NGK Slavneft to focus efforts on the core production development. The Company believes that this step will encourage production costs reduction, development of competition and enhancement of services quality in the services market.

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