MOSCOW--(BUSINESS WIRE)--
BASHNEFT RECEIVES LICENSE TO DEVELOP TREBS AND TITOV OIL FIELDS
Moscow, Russia – February 10, 2011 – Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in, and is a major shareholder of, companies operating in different industries, notes today’s announcement by the Government of the Russian Federation that the Prime Minister of the Russian Federation signed Decree No 152-r granting the licence for the development of the Trebs and Titov oil fields to ANK Bashneft, Sistema’s oil subsidiary.
According to the decree, Bashneft should receive the licence for subsoil deposits, which includes oil fields named after Roman Trebs and Anatoly Titov located in the Nenets autonomous district of Russia. Bashneft was granted the licence to explore and produce crude oil following a tender, held in accordance with government decree No 1232-r dated July 20, 2010.
In accordance with the tender, Bashneft will pay approx. RUB 18.5 billion for the license.
According to the tender documents, total recoverable oil reserves (C1+C2) of both fields amount to 140.1 million tonnes.
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For further information, please visit www.sistema.com or contact:
| Investor Relations | Public Relations | ||
| Evgeniy Chuikov | Vsevolod Sementsov | ||
| Tel.: +7 (495) 692 1100 | Tel: +7 (495) 730 1705 | ||
Sistema is the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 7.3 billion for the third quarter of 2010, and total assets of US$ 42.0 billion as at September 30, 2010. Sistema’s global depository receipts are listed under the symbol “SSA” on the London Stock Exchange. Sistema’s ordinary shares are listed under the symbol “AFKS” on the RTS Stock Exchange, under the symbol “AFKC” on the MICEX Stock Exchange, and under the symbol “SIST” on the Moscow Stock Exchange (MSE).
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might” the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.
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