Friday, December 12, 2008

Russia TNK-BP to buy out Sibir petrol stations-paper

The deal is planned to be completed by Dec. 17, said one of the sources.

Henry Cameron, chief executive officer of the London-listed Sibir, confirmed the talks.

'The deal is being discussed, and the talks are on an advanced stage,' he told Vedomosti.

Vedomosti quoted an analyst as saying that Sibir might want to sell the filling stations to help its key owner, Russian businessman Shalva Chigirinsky to solve his problems relating to the financial crisis.

Sibir earlier this month outraged minority shareholders when it said it would buy real estate assets from Chigirinsky for $340 million in cash and debt.

Russian Properties News