Lukoil pays $400 mln for half of Kama-Oil
MOSCOW. May 28 (Interfax) - Independent Russian oil producer Lukoil paid $400 million for 49.99% of CJSC Kama-Oil's shares, thereby raising its stake to 99.99%, according to the company's financial report to US GAAP for Q1 2013.
The deal took place in April. Lukoil bought the stake from businessman Dmitry Rybolovlev, who owned the asset through Madura Holding Ltd.
"The Group obtained control and consolidated this company," Lukoil reported.
Russia's Federal Anti-Monopoly Service (FAS) granted Lukoil-Perm's request to purchase 49.99% of Kama-Oil's shares from Madura Holding Ltd. in March.
Lukoil-Perm and Madura Holding Ltd. founded Kama-Oil on an equal footing to explore and develop oil fields located under the Verkhnekamsk potassium and manganese salt deposit. The joint venture owns subsoil use licenses for six sections in this region.
Kama-Oil's recoverable reserves total around 12.8 million tonnes of C1 oil and about 11 million tonnes of C2 oil. The joint venture is currently producing oil at three fields - South Yurchukskoye, Zhilinskoye and Belskoye, and carrying out geological survey at three sections - Kondassky, East Pashkovsky and Rostovitsky. Last year, Kama-Oil discovered two new fields at these sections - Sukharevskoye at the Kondassky section and Provorovskoye at the East Pashkovsky section.
Kama-Oil plans to produce over 1 million tonnes of oil in 2016.
According to Interfax's SPARK database, Kama-Oil had net earnings of 36.5 million rubles in 2011, versus an 83-million-ruble net loss the year before. Revenue doubled to 1.114 billion rubles.
