Kondpetroleum MOSCOW, Nov. 3 /PRNewswire/ -- Tyumen Oil Co. (TNK), one of Russia's top four oil companies, today rejected allegations by investor Kenneth Dart, and stated that it had acquired the bankrupt assets of oil company Kondpetroleum last year in full accordance with all conditions of a bankruptcy auction. Tyumen Oil said it had made a deposit and followed all appropriate procedures in the auction, held in October 1999. Therefore, it considers a lawsuit filed by Dart's company Vanguard International to be frivolous and intends to defend its interests in court. Vanguard is demanding that the Kondpetroleum auction results be annulled. Kondpetroleum was a subsidiary of another Russian oil company, Sidanco, and was based in Western Siberia. Tyumen Oil, established in 1995 and owned by the Russian Alfa Group and US-Russian Access/Renova, has crude oil reserves of more than 7.4 million barrels and refines more than 500,000 barrels per day. It ranks No. 2 in reserves and No. 4 in production among Russian oil companies. Tyumen Oil owns and franchises a chain of nearly 700 branded retail gasoline stations. For further information, go to <http://www.tnk.ru>. SOURCE Tyumen Oil Co. -0- 11/03/2000 /CONTACT: Alexander Chernov of Tyumen Oil, +7095-745-78-46; or Andy Katell, 212-453-2217, for Tyumen Oil/ /Web site: http://www.tnk.ru/ CO: Tyumen Oil Co.; Kondpetroleum; Vanguard International ST: Russia IN: OIL SU: TNM -0- Nov/03/2000 20:53 GMT
Tyumen Oil Rejects Allegations Regarding Its Acquisition of
Press spacebar to pause and continue. Press esc to stop.