Sibneft, perhaps a new Lukoil Message Board

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Gold/Mining/Energy : Sibneft, perhaps a new Lukoil

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From: Copperfield	7/6/2005 10:17:21 PM
	of 13

Court tells Yukos to return Sibneft shares MOSCOW, July 6 (RIA Novosti) - A court in Russia's Chukotka peninsula (the Russian easternmost region) has ruled that embattled oil company Yukos must return a 14.5% block of shares in rival Sibneft to its major shareholders, a court source said Wednesday. The arbitration court of the Chukotka autonomous region, whose governor is Sibneft owner Roman Abramovich, upheld the claims of Nimegan Trading Limited (a minority shareholder in Yukos) to invalidate an agreement on swapping 72% of Sibneft shares for 26% of Yukos stock. In March 2004, the court annulled an additional Yukos stock issue to pay for 57.7% of Sibneft shares when the companies announced they were merging. Major Sibneft shareholders have already received their shares back. The court ruling means the owners of Yukos have to return 14.5% of the company's stock to Sibneft's major shareholders and receive in return 8.8% of Yukos shares earlier transferred to Sibneft.

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