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News > International
BP Amoco to rescue rubles
April 23, 1999: 9:54 a.m. ET

Oil firm seeks to regain control of its wayward investment in Sidanko
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LONDON (CNNfn) - BP Amoco moved closer to rescuing its investment in bankrupt Russian oil firm Sidanko Friday, three months after writing off half its $571 million stake.
     The U.K. oil firm called an extraordinary meeting of Sidanko's shareholders in Moscow to push through board changes expected to hasten the restructuring of the Russian firm.
     BP Amoco bought a 10 percent stake in Sidanko in 1997 but has clashed with the Russian firm's majority shareholder, according to published reports, after Sidanko was pushed into bankruptcy by creditors in January.
     Interros, the conglomerate run by Russian oligarch Vladimir Potanin, owns a 43 percent stake and dominates the 11-member Sidanko board. BP Amoco has 20 percent of the voting rights but just one board seat.
     Interros blocked a move by creditors including BP Amoco and other overseas investors with 47 percent of Sidanko to appoint an external auditor to run the company ahead of an insolvency meeting scheduled for May 18, according to a report in the Wall Street Journal Friday.
     BP Amoco has maintained it is taking a long-term view of the Russian market. Sidanko's Siberian interests include reserves of 300 million barrels and huge gas deposits that BP believes could be used to supply the Chinese market, according to a U.K.-based oil strategist who spoke on condition of anonymity.
     BP Amoco declined to comment. Its shares climbed 14.5 pence to 1,112 pence in London. Back to top
     -- from staff and wire reports

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.