Sibir Provides Moscow Refinery Update
Sibir is pleased to announce that its downstream subsidiary, Moscow Oil and Gas Company (“MOGC”), and Gazprom Neft (“GPN”) have transferred their respective beneficial shareholdings in the Moscow Refinery to Moscow NPZ Holdings B.V. (“Moscow NPZ Holdings”), a company incorporated in the Netherlands by way of share subscriptions in kind, in exchange for a 50% stake each in the new company. In addition MOGC and GPN have each contributed one million euros to the share capital of Moscow NPZ Holdings. With the completion of the share transfer, NPZ Holdings now controls 90.02% of the voting shares of the Moscow Refinery. In accordance with Russian law on joint stock companies Moscow NPZ Holdings will make a mandatory offer to minority shareholders for the remaining voting shares in the Moscow Refinery.
The establishment of Moscow NPZ Holdings ends years of shareholder dispute and ensures a long-term and transparent relationship between MOGC and GPN as equal shareholders of the Moscow Refinery. Both parties are equally represented on the board of the new holding company and the board of the Moscow Refinery and the rights of Moscow NPZ Holdings, as a shareholder of the Moscow Refinery, will now be exercised through an internationally accredited trust management company. An independent operational management team for the Moscow Refinery has been appointed and now con