PetroNeft Resources

History

2023: Ransom of the Russian "daughter" by its leader

On October 16, 2023, it became known about the sale of Russian assets of PetroNeft Resources to the general director of a subsidiary in the Russian Federation, Pavel Tetyakov. The deal was approved at a shareholder meeting.

Under the terms of the agreement, Tetyakov acquires Linear LLC (90% owned by PetroNeft and 10% by Belgrave Naftogas) for 210 million rubles. Including 189 million rubles - the cost of the share of PetroNeft, 21 million rubles - the share of Belgrave Naftogas. Linear manages the Ice Section, which includes the Ice and Cheremshanskoye fields, the latter produces oil at the level of 250 b/s. At the same time, there is a risk of cessation of production, since it is carried out in conditions of natural depletion.

It became known about the sale of Russian assets of PetroNeft Resources to the general director of the subsidiary Pavel Tetyakov

Tetyakov also acquires 50% of Cyprus-based WorldAce Investments Ltd for $1. This is a joint venture with Oil India (the one PetroNeft reported in August rejected an offer to buy Tetyakov its stake). The Cypriot company owns the Tomsk LLC Stimul-T, which until recently produced and sold oil, but due to a dispute with the Siberian structure ONGC about the tariff and infrastructure, it ceased operations. By mid-October 2023, the Arbitration Court of the Tomsk Region is considering Stimul-T's application for its own bankruptcy, Interfax notes.

In addition, Pavel Tetyakov for 10 thousand rubles acquires the service company Granit Construction LLC, 100% of which belongs to PetroNeft. The company was created for the maintenance and construction of Stimul-T facilities.

The financial terms of the transactions were not disclosed. To close them, Tetyakov and Petroneft need to get approval from government agencies.

By the beginning of 2023, the main shareholders of Petroneft were Natlata Partners Limited (controlled by Maxim Korobov) - 25.7%, Lloyd Wiggins - 14.46%, Daria Shaftelskaya - 9.2%, J&E Davy - 6.6%, Seguro Nominees Limited - 5.4%.^[1]

Notes