reference to zarubezhneft

The structure of the share capital of Severnaya Neft by the mid-90s looked like this: 10% belonged to Zarubezhneft, 40% to the Swiss company TBKOM AG (experts do not exclude that Andrei Vavilov was originally behind it), two more packages of 25% were owned by OJSC Komineft and Ukhtaneftegazgeologiya. In the late 90s, LUKOIL became interested in Severnaya Neft. By that time, it had acquired the KomiTEK company, which includes Komineft, and then, through the latter structure, agreed to purchase from Ukhtaneftegazgeologiya its stake in Severnaya Neft and even transferred prepayment. In addition, LUKOIL, as its representatives claimed, offered $16 million to Zarubezhneft for its stake in Severnaya Neft. After which LUKOIL decided that Severnaya Neft was almost under its control, but then Mr. Vavilov’s structures took retaliatory actions. At first, companies close to him managed to purchase a 10% stake in Severnaya Neft from Zarubezhneft for 12 million rubles, and Ukhtaneftegazgeologiya returned the advance payment to LUKOIL, refusing the deal. As a result, Severnaya Neft was transferred to structures controlled by Mr. Vavilov. LUKOIL tried to argue, but then the shareholders on Mr. Vavilov’s side carried out an additional issue of shares in Severnaya Neft, and as a result, Ukhtaneftegazgeologiya and Komineft were left with only 6% of the shares in Severnaya Neft. Later, Severnaya Neft found itself at the center of a scandal with obtaining rights to develop the Gamburtseva Val oil field (it was also accompanied by criminal cases), and the company was recently sold to Rosneft. The estimated transaction amount is $600 million.