Alliance Group in talks to sell oil assets to Rosneft

7/25/2013

Alliance Group in talks to sell oil assets to Rosneft

MOSCOW -- Rosneft is in talks to buy oil assets from Alliance Group, business daily Vedomosti said.

Citing sources close to one of the companies and in the Russian government, Vedomosti said the talks involve Rosneft acquiring a stake in the Alliance Oil, the Khabarovsk Oil Refinery as well as a part of Alliance's joint venture with Petrol d.d.

A Rosneft spokeswoman declined to comment. Alliance Group couldn't immediately be reached.

Alliance's oil assets are estimated to be worth about $7.6 billion, excluding debts, the Vedomosti said. Liabilities include a $2 billion debt by the Khabarovsk Oil Refinery to Russia's development bank,VEB.

The Vedomosti said, citing a government source, Rosneft may buy the assets indirectly through a subsidiary.

Alliance owns 43.3% of the Alliance Oil, valued at about $560 million. The Khabarovsk Oil Refinery in Russia's Far East has a capacity of 4 MMtpa.

Dow Jones Newswires

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