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.
/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
-0- Nov/03/2000 20:53 GMT
Press spacebar to pause and continue. Press esc to stop.