At the weekend, the Sunday Times newspaper reported that Shell and Sibir, partners in Siberia-based Salym Petroleum Development (SPD), were discussing a deal in which Shell would swap its stake in the SPD for an equity holding in Sibir itself.
Sibir
Sibir says in talks with Shell over Russian deal
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Shell in £1billion deal with Russia oil firm
August 3, 2008
Shell in £1billion deal with Russia oil firm
Oil giant seeks asset-swap for stake in Sibir, its AIM-listed partner in Siberia, despite rival BP’s troubles in Moscow
ROYAL DUTCH SHELL has held preliminary talks with Sibir, the Russia-focused oil firm, about a £1 billion asset-swap deal that could see it acquire a sizeable stake in its smaller rival.
Shell and Sibir are equal partners in the Salym developments in western Siberia, estimated to hold more than 1 billion barrels of oil.
Talks have been held about a deal under which Shell would swap its 50% stake in the Salym fields for an equity holding in Sibir itself, according to industry sources.
Sibir, which has a £2.4 billion market value, is the largest company on Londons Alternative Investment Market and is expected to be promoted to the blue-chip FTSE 100 index this year.
