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Belorussia enters the Russian oil procurement market: Lidings conducts a large purchase of assets in the RF

Lidings has successfully supported the acquisition of 100% of the shares in the Russian oil producer "NK Yangpur" by the Belorussian state enterprise "Belorusneft" through its subsidiary LLC "Belorusneft-Sibir".

As part of the bankruptcy proceedings of LLC "Yangpur" which owned 100% of the shares in JSC "NK Yangpur" and a number of associated assets, the bankruptcy supervisor organized an open auction with regard to these shares and assets on the marketplace of CJSC "Sberbank-Ast" with the support of VTB. Lidings advised "Belorusneft-Sibir" in its preparations to participate in the auction and supported the client throughout the assets acquisition process. "Before the auction took place, an agreement was made with the seller with regard to the restructuring of internal debt, which was aimed at minimizing the financial risks of taking on the assets", stated Vadim Konyushkevich, senior corporate associate at Lidings. "Having confirmed that our client won the bid we proceeded to obtain the Federal Antimonopoly Service approval followed by the formal undersigning required to close the deal".

With the purchase of JSC "NK Yangpur" Belorussia receives direct access to oil procurement in Russia. "Belorusneft" has made prior attempts to procure oil in Iran and in Venezuela, where it provided services and geological exploration within the framework of its joint venture "Petrolera BeloVenesolana".

"Belorusneft" is the largest state oil and gas enterprise in Belorussia, carrying out geological exploration works, development works, and procurement and delivery of oil and gas. The structural subdivisions and multi-unit enterprises of "Belorusneft" employ more than four thousand people.

Lidings advises the energy giant on all legal matters connected with the development of activities in the Russia including matters of corporate law and taxation, and ensures protection of its assets in the course of investment projects.

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