11 Sep 2009 19:03

Tatneft plans to boost stakes in sales subsidiaries to 100%

KAZAN. Sept 11 (Interfax) - OOO Tatneft-Aktiv, a 100%-owned subsidiary of OJSC Tatneft , has made mandatory offers to five of the holdings' sales subsidiaries to acquire shares, the company said in its materials.

Shareholders in OJSC Zainsknefteprodukt, in which Tatneft-Aktiv owns 85.04%, received an offer to sell their common shares at 48.18 rubles per share, OJSC Bavlynefteprodukt (88.92%) - 44.35 rubles, OJSC Almetevsknefteprodukt (83.84%) - 1,787.49 rubles per share, OJSC Chuvashneftegprodukt (86.32%) - 1,591.21 rubles and OJSC Chelnynefteprodukt (83.38%) - 288.86 rubles.

The offers are viable for 70 days after their reception.

Devon-Credit Bank has provided a guarantee on the share offer.

Tatneft-Aktiv told Interfax that the company plans to bring its stake in the sales subsidiaries to 100%.

It was earlier reported that OJSC Tatneft is consolidating the shares in five of its sales subsidiaries on the balance sheet of OOO Tatneft-Aktiv in the framework of plans to optimize the holding's structure.

Zainsknefteprodukt, Bavlynefteprodukt, Almetevsknefteprodukt, and Chelnynefteprodukt have operations in Tatarstan and provide petroleum storage services and supplies to consumers. Chuvashneftegprodukt is the main supplier of petroleum products in Chuvashia.

OOO Tatneft-Aktiv is an external corporate center for the management of Tatneft's property. The company was founded in 2003 to solve the holding's problems with the optimization of its subsidiaries.