OAO Gazpromneft and Moscow Oil and Gas Company (MOGC), with the approval of their respective parent companies Gazprom and Sibir and with the further approval of The City of Moscow, jointly announced today that they have agreed the terms of a Memorandum of Understanding (MOU) which provides for a board and management structure of Moscow Refinery acceptable to all concerned.
The MOU further provides for the steps and mechanisms to ensure a long term and transparent relationship between the parties as shareholders at Moscow Refinery.
The underlying principle of the MOU is that of parity and transparency in respect of all key issues. The new structure, when implemented following the formal documentation of the MOU into a shareholders' agreement, will also allow the parties as key shareholders in Moscow Refinery to participate fully in the implementation of the planned upgrade of the refinery and ensure the highest quality of product. Shareholders in Sibir will be kept advised of progress made in due course.
Commenting on the announcement Henry Cameron Chief Executive of Sibir Energy plc said "I am delighted that months of negotiations between MOGC and Gazprom Neft have led to an accord which is satisfactory to both parties. From a much publicised and troubled history hard work, careful and measured co-operation and good will on the part of Gazprom Neft and MOGC have combined to create a mutual confidence and trust to the point where an equitable accord could be achieved, the full details of which will be finalised in the very near future"
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