Earlier an additional 5.72 million barrels of crude was seized because of Kondpetroleum's wage arrears. The difficult tax situation at Kondpetroleum has forced Sidanco to transfer the major part of its stake in Kondpetroleum to other entities within Oneximbank group. This is because Sidanco has already suffered from government-enforced export cuts due to failure to clear tax debts of its subsidiaries, and the holding cannot afford more of the same. The information contained herewith is based on information made available to the public and is for information purposes only. Information sources are deemed reliable by RMG Securities, however RMG Securities abstains from any liabilities determined from the information herewith.
Analysis is based on dated market information and is subject to change.