Sidanko

The company was created by allocating a number of assets from the state-owned Rosneft as part of a campaign to privatize the Russian oil industry. Government Decree No. 452 of May 5, 1994 transferred a number of oil producing and oil refining enterprises to the newly created company: Varyeganneftegaz, Purneftegaz, Kondpetroleum, Chernogorneft, Udmurtneft , Saratov Oil Refinery and Angarsk Petrochemical Plant (ANKhK ) In January 1995, Purneftegaz was returned by the Government to Rosneft (later, Sidanko unsuccessfully tried to challenge this decision). In September of the same year, the Khabarovsk Oil Refinery and Saratovneftegaz were allocated and transferred to Sidanko from Rosneft as “compensation”.

In 1995-1997, the company was privatized. In 1995, 51% of the company’s shares were sold to Boris Yordan’s structures for $ 130 million, two years later this block of shares was sold to the Interros group (which in 1996 bought a 34% stake in Sidanko) for $ 129 million. In November 1997, 10% of the company’s shares for $ 571 million were sold to British British Petroleum , but at the same time it received 20% of the shares of the Russian corporation.

In 1999, the company produced about 20 million tons of oil and was the sixth largest oil company in Russia. The company's refineries processed more than 16 million tons of oil. The company's revenue amounted to 6,590.3 million rubles, net profit of 979.3 million rubles. In 2000-2001, financial indicators were no longer published.

Initially, it was assumed that the main activity of the company would be the provision of petroleum products to consumers in Siberia and the Far East, but the demand in these regions was minimal. In 1997, the Angarsk NHK was subjected to bankruptcy proceedings, which led to an almost twofold reduction in the capacity of the enterprise.

Sidanko’s oil companies were highly independent and created many joint ventures with foreign partners, which highlighted the most interesting assets from an economic point of view. As a result, in early 1998, bankruptcy proceedings were launched against Udmurtneft, Chernogorneft, and Kondpetroleum. In the fall of that year, Vladimir Potanin , co-owner of Interros, stated that Sidanko was a “set of meaningless assets” and proposed to the Russian Government ANHK and Kondpetroleum in exchange for assistance in restructuring the company's debts.

By this time, Tyumen Oil Company (TNK) showed interest in acquiring the assets of Sidanko (primarily Chernogorneft). In 1999, a bankruptcy procedure was launched against the company, it lost two oil refineries: Yukos got the ANKhK, and the Alliance group of the former head of Sidanko Zia Bazhaev - the Khabarovsk Oil Refinery. Soon Varyeganneft was also lost (it entered Slavneft ). The company itself and its oil producing subsidiaries gradually came under the control of TNCs. After that, the financial situation of the company began to improve and the bankruptcy procedure was terminated. The takeover of TNK was formally completed in 2001 with the purchase of a 40% stake in Sidanko from the Cyprus offshore company Kantupan. In 2005, Sidanko OJSC finally ceased to exist two years after the inclusion of TNK assets in the newly created company TNK-BP , to which BP also contributed 10% of Sidanko’s remaining shares.

The heads of the company are Anatoly Sivak (1994-1997), Zia Bazhaev (1997-1998), Dmitry Maslov (1998-1999). From July 1, 1997 to 1999, the deputy president and president was Boris Volkov (he is also the general director of Chernogorneft JSC from 1989 to 1997, Nizhnevartovsk).

Under the management of TNCs, the leaders of the Sidanko-based business units were Robert Sheppard (1999-2002, 2003-2005) and Lawrence Smith (2002-2003)

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