19 Jun 2010 12:34

Sberbank could sell oil assets from debt restructuring to various buyers - Gref

ST. PETERSBURG. June 19 (Interfax) - Sberbank could sell oil assets that it has received from restructuring client debt, the bank's Chairman and President German Gref told journalists. He said that these assets could be sold to various buyers.

"We will sell and are holding negotiations. We have several potential buyers, Russian and foreign. We would like to sell them [oil assets] as quickly as possible," he said.

At the start of February, Sberbank Capital's general director, Ashot Khachaturyants, said that the company would put up oil assets for sale in a single lot. He specified that Dulisma Oil Company and Taas-Yuryakh Neftegazodobycha (Urals Energy), as well as stakes in Avrora, would be put up for sale.

Khachaturyants said that Sberbank plans to gain several hundred million dollars from these sales.

According to the bank's IFRS results for the first quarter of 2010, Sberbank non-profile assets accounted for 3.5% of consolidated assets valued at around $8.5 billion.

Sberbank said in its reporting that it had acquired 2% in Russneft in April 2010. In addition, the oil company's financing report for the same period said that Sberbank, which is Russneft's main creditor ($3.8 billion of $7 billion), is the nominal holder of all shares in the company.