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CALGARY HERALD, 18.07.2001
Grant Robertson
A Russian oil company locked in a bitter ownership battle with a Calgary firm over Siberian oilfields pledged Tuesday to keep the operation going until the dispute is resolved.
But the promise from Tyumen Oil Co. came amid allegations from Calgary-owned Norex Petroleum Ltd. that $8 million has already gone missing from the joint venture's bank account since the Russian company took control last month.
Tyumen chief executive Simon Kukes disagreed, saying the Russian company has done nothing to alter opera-dons at the Siberian partnership, Yugraneft OiL.
Kukes promised to continue operating Yugraneft as it was before the takeover and said the joint venture's revenues axe ''accumulating in bank accounts" and have not been touched.
Tyumen issued a statement saying it will maintain YUgraneft's staff tax payments and market pricing for crude oil while the dispute is resolved.
"We are taking these steps to build confidence in our efforts to resolve this dispute," Kukes said in a statement
The allegations of Bussing money are the latest chapter in the takeover saga of Yugraneft Oil, in which Norex claims it was muscled out of its share of the operations by armed guards representing Tyumen.
Norex, which has offices in Calgary but is registered as a Cyprus company. has tried unsuccessfully to get the Canadian government involved in the situation.
Following a trip to Russia last week. Prune Minister Jean Chretien said he would leave the matter up to the Russian courts to decide.
Norex chief executive Alex Rotzang alleges Tyumen took control of the joint company after holding an illegal shareholders' meeting.
The meeting was held after half of Norex's voting shares were frozen by the Russian courts, pending a decision on another dispute between the two sides.
Rotzang, who has no access to the company's coffers, said he fears Tyumen will liquidate the assets.
Norex has sought legal advice from lawyers in Russia, but lacks the money to proceed further, Rotzang said from his hotel in Moscow
"We're looking at legal means here -and abroad" he said. But it remains to be seen if there's anything we can do".
Russian courts have supported Tyumen’s claims of majority ownership in Yugraneft.
Before Norex's shares were frozen, the company held 60 per cent stake in the Western Siberian operation, which produces about 10,000 barrels of oil a day.
Both sides met with the governor of Khanty-Mansiysk this week to discuss the dispute and were told to resolve the matter "without scandal". Rotzang said.
Conflicting reports have clouded the takeover, which took place three weeks-ago. Norex officials say they were met at their offices by gun-toting guards representing Tyumen.
Tyumen denies using force and said police have been unable to confirm such reports.
Tyumen is the fourth-largest Russian oil producer, with proven reserves of 84-billion barrels and production of more than 800,000 barrels of crude a day.
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