Sibir accuses Sibneft of stealing $2b field

Russian oil company Sibir said yesterday it had won an injunction in the British Virgin Islands against its rival Sibneft, which it accuses of effectively stealing a $2 billion oilfield.

Sibir has a joint venture with Sibneft, controlled by Chelsea soccer club owner Roman Abramovich, through which they jointly own the Priobskoye oilfield in Western Siberia.

Sibir accuses Sibneft of illegally diluting its holding from 50 per cent to less than 1 per cent by secretly selling shares in the joint venture, called Sibneft-Yugra, to companies affiliated to Sibneft.

Sibneft has denied any wrongdoing and said it acted within broad agreements between the venture's shareholders.

Sibir Energy is controlled by Shalva Chigirinsky, a construction and oil magnate who Forbes magazine said in May was worth $470 million.

Sibneft has also said it is incredible that Sibir claims not to have discovered the dilution until a year after it took place, despite the importance of the asset.

Yesterday, Sibir said in a statement that the court had frozen the disputed stake until a further hearing, to take place on or before July 27.

The court appointed a receiver to take control of the 49 per cent stake while the case continues.

The court said Abram-ovich had to maintain assets of at least $1 billion until the receiver had control of the 49 per cent stake.

It had also ordered the three companies affiliated to Sibneft, which hold the disputed 49 per cent of the joint venture, to reveal full details about themselves and their dealings.