Sibir Energy was AIM-listed British oil company, whose primary line of business is

petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...

and

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

exploration in

Siberia Siberia ( ; rus, Сибирь, r=Sibir', p=sʲɪˈbʲirʲ, a=Ru-Сибирь.ogg) is an extensive region, geographical region, constituting all of North Asia, from the Ural Mountains in the west to the Pacific Ocean in the east. It has been a ...

Russia Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eig ...

. Since February 2011, it is a wholly owned subsidiary of

Gazprom Neft Gazprom Neft (russian: Газпром Нефть; formerly Sibneft, russian: Сибнефть, link=no), is the third largest oil producer in Russia and ranked third according to refining throughput. It is a subsidiary of Gazprom, which owns about ...

. In February 2016, Gazprom completely liquidated Sibir Energy as a separate company.

History

Sibir was founded in 1996, and since then it had pursued an integrated model for its business operations by retaining a focus on retail as well as its core exploration, extraction and refinery activities. On 21 August 2009,

made a bid to take over all shares in Sibir Energy. On 15 February 2011, it announced becoming the only shareholder in Sibir Energy after the withdrawal of the Moscow government-controlled Central Fuel Company. The Central Fuel Company The received $740 million for its stake In February 2016, Gazprom announced that it had completely liquidated Sibir Energy as a separate company as part of its asset restructuring.

Operations

The company's primary assets are Salym oil fields in

Nefteyugansk Nefteyugansk (russian: Нефтеюга́нск) is a city in Khanty-Mansi Autonomous Okrug, Russia, located south of the Ob River, close to the larger city of Surgut. Population: History It was founded on October 16, 1967, after an oil fie ...

area operated by Salym Petroleum Development, a 51% voting share in Moscow Oil Refinery, operated in partnership with

, and a substantial interest in Moscow-based gasoline retail networks. Through its subsidiary, Magma, Sibir Energy has interests in the Yuzhnoye and Orekhovskoye fields in West Siberia. It owns the Moscow Oil and Gas Company (formerly: The Moscow Oil Company).

Listing

Before takeover by Gazprom Neft, Sibir Energy's shares were traded on the

Alternative Investment Market AIM (formerly the Alternative Investment Market) is a sub-market of the London Stock Exchange that was launched on 19 June 1995 as a replacement to the previous Unlisted Securities Market (USM) that had been in operation since 1980. It allows ...

. The largest shareholders were Gazprom Neft and the Moscow city government together with the

Bank of Moscow The Bank of Moscow (russian: Банк Москвы) was a Russian bank that provided banking services to both corporate and retail customers until May 2016. Headquartered in Moscow, the bank had 267 outlets, including branch offices and cash desks ...

. A minor stake was held by

Sberbank PJSC Sberbank (russian: Сбербанк, initially a contraction of russian: сберегательный банк, translit=sberegatelnyy bank, lit=savings bank, link=no) is a Russian majority state-owned banking and financial services compa ...

, pledged as loan collateral by Russian businessman

Shalva Chigirinsky Shalva Chigirinsky (, born July 1, 1949) is an Israeli-Russian businessman, who was the major shareholder of AIM-listed British oil company Sibir Energy Plc. As a principal owner of Russian Land Ltd, he was involved in the implementation of ma ...

Management

Chairman of the company is Vadim Yakovlev and CEO is Igor Tsibelman. Non-executive directors are Dmitry Bekker, Maxim Viktorov and Andrei Martianov.

Investigations

In late February 2009, Sibir Energy suspended its chief executive with immediate effect and launched an investigation into property dealings that the company had agreed with one of its former largest shareholders

. The company is suing Shalva Chigirinsky for at least US$325 million for a failed bid to sell his real estate assets to the company. On July 8, 2009, Russian police raided into the company's Moscow office and took away some corporate documents.

References

External links

*
Salym Petroleum, subsidiary of Sibir Energy - official website
{{Authority control Companies formerly listed on the London Stock Exchange Oil companies of Russia Gazprom subsidiaries Companies based in Moscow