Alliance Group, Khudainatov's Independent Oil and Gas Co sign merger deal
MOSCOW. April 28 (Interfax) - Alliance Group, a Russian oil company controlled by members of the Bazhayev family, and Independent Oil and Gas Company, which was set up by former Rosneft top manager Eduard Khudainatov, have signed an agreement to merge their assets in a new joint venture, Alliance spokesman Andrei Rumyantsev told Interfax.
Alliance will have a 60% stake in the new company and Independent Oil and Gas will have 40%, Rumyantsev said.
Alliance will contribute all the assets of Alliance Oil Company in Russia, its oil terminal in Sevastopol and a network of filling stations in Ukraine and Crimea, which are owned jointly with Shell. Independent Oil and Gas will contribute all of its assets to the new company.
"Provisionally, the joint venture might be called NNK-Alliance. The desire to keep it recognizable has been voiced. But the final version of the name has not been discussed yet. This was a preliminary signing. As soon as we are cleared to transact the deal by regulators in Russia, Ukraine and Kazakhstan, we will continue to work on this issue," he said.