Gazprom Neft wraps up sale of oilfield service assets
MOSCOW. Jan 23 (Interfax) - Gazprom Neft has wrapped up the sale of its oilfield service assets, the company said in a press release.
At the end of December 2011, Gazprom Neft's subsidiary Gazpromneft-Nefteservis completed a deal on selling two main production facilities - Service Drilling Company (SBK) and KPC-Service.
"Having completed the deal on selling SBK and KPC, the company has finished implementing its program for withdrawing from the oilfield service business, which has allowed Gazprom Neft to cut costs and promoted the development of competition in core markets," Gazprom Neft chief Alexander Dyukov is quoted as saying in the press release.
OJSC RU-Energy Group, which previously acquired LLC YamalServiceCenter and LLC Service Transportation Company from Gazprom Neft, bought the two assets. The deal received approval from the Federal Anti-Monopoly Service (FAS).
SBK and KPC will keep their long-term contracts with Gazprom Neft's enterprises, with guaranteed work volumes until the end of 2013 on the condition of fulfilling key efficiency indicators enshrined in the contracts. The agreements also provide for the continuation of commitments to comply with the new owner on terms of collective agreements adopted at the enterprises.
Gazprom Neft's board of directors made the decision to withdraw the company from its oilfield service block in March 2010. The withdrawal program was intended for completion by the end of 2011. At the end of January 2011, Gazprom Neft sold Muravlenkovskaya Transportation Company; in the summer it sold Spetstransservice, Noyabrsk Central Piping Base and Service Transportation Company; and in October it sold YamalServiceCenter. In addition, Gazpromneft-Nefteservis sold a controlling stake in its subsidiary Noyabrskneftespetsstroy last year.