Russian Billionaire’s Bashneft Poised for Arctic Oil
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OAO Bashneft, the oil company controlled by Russian billionaire Vladimir Yevtushenkov, may increase its reserves about 70 percent after getting a clear run at two of Russia’s largest undeveloped fields.
Bashneft became the only bidder for Trebs and Titov fields in Russia’s Arctic when OAO Surgutneftegas failed to make a necessary cash deposit, a spokeswoman at Russia’s natural resources ministry said yesterday, declining to be identified because of internal policy.