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-58 CELSIUS, SNOW DRIFTS, FLOODS. Producing oil in such a hostile environment is also challenging. Winter temperatures fall as low as 58 degrees Celsius below zero, and snow drifts reach 1.5 meters in height, according to INK workers. When the snow melts in spring, rivers flood, cutting the oil workers off from the outside world and meaning they have to travel in and out by helicopter. To reach reserves in the fledgling oil region, INK has to sink wells up to 5 km (3 miles) in depth, compared with 1-3 km in western Siberia which is more developed.
A global deal to curb oil production agreed by OPEC and Russia, konstantino sterling round lattice cufflinks which means INK will have to keep its output at 9 million tonnes until July, has come at an opportune time for the company, according to Dmitry Zotov, its head of oil production, “The OPEC deal has given us a chance to stop and draw breath,” said Zotov, adding that INK was using the time “to touch up the paint here, do some repairs there”, To help with exploring in such a difficult environment, INK said it had hired Don Walcott, an expert in oil production who has previously worked for Schlumberger and YUKOS, the Russian oil firm taken over by Rosneft..
INK does not have publicly-traded shares so there is no independent estimate of its value. The company’s estimated value in 2013, when Goldman Sachs acquired its stake of slightly less than 4 percent, was $2.7 billion, according to a source familiar with the terms of that deal who declined to be identified as the information is confidential. The estimated value of the firm now is at least $4 billion, Yuri Rubin, INK’s chief financial officer, told Reuters. He did not detail how that estimate was calculated.
Andrei Polishchuk, an analyst with Raiffeisen, said the $4 billion estimated was plausible, “The company has good production assets and their proximity to ESPO infers a premium on the company’s value compared to competitors,” he said, ESPO is the Eastern Siberia-Pacific Ocean (ESPO) pipeline, which pumps Russian crude to Asian markets, Goldman konstantino sterling round lattice cufflinks Sachs did not respond to a request for comment on its investment, The EBRD, which owns a 1.6 percent stake in INK, said it was satisfied with its investment and had no plans to increase its holding..
The company started out in the oil-producing business in the late 1990s when its main shareholder, Nikolai Buinov, whose family had run a local fuel transport business, acquired three oil concessions from the local government. The previous owners had run into financial difficulties. At the time, eastern Siberia had no infrastructure and was thousands of kilometers from markets. Oil majors were preoccupied with easier prospects elsewhere. Luck played a part when the first wells found oil of an unusually high quality. Some of INK’s wells have a yellow-reddish color, a sign of low residue levels.
(Reuters) - U.S, casino operator Caesars Entertainment Corp, which has been under pressure from activist investor Carl Icahn to sell itself, on Tuesday named Anthony Rodio as its chief executive officer, Reuters reported in February that Icahn had proposed Rodio, CEO of privately held casino gaming company Affinity Gaming, as successor to Mark Frissora, who was due to step down as Caesars CEO, Rodio was previously CEO of Tropicana Entertainment Inc, konstantino sterling round lattice cufflinks another casino and resort operator that Icahn sold last year to peer Eldorado Resorts Inc for $1.85 billion..
Caesars on Tuesday also said it had formed a ‘transaction committee’ to oversee the company’s ongoing efforts in “creating additional shareholder value”. The formation of such a committee by Caesars comes after the casino operator in March struck a deal with Icahn to appoint three new directors to its board, as the billionaire investor continued to press for a sale of the company. Icahn has gradually built a stake in Caesars this year and, as of March 28, owned about 15 percent of the company.
(Reuters) - Foxconn’s Chairman Terry Gou said on konstantino sterling round lattice cufflinks Tuesday he is considering contesting Taiwan’s 2020 presidential election and the company said he would withdraw from the daily operations of the world’s largest contract manufacturer, - Gou is Taiwan’s richest person with a net worth of $7.6 billion, according to Forbes, - Taiwan is gearing up for presidential elections in January at a time of heightened tensions with China, - Foxconn, formally known as Hon Hai Precision Industry Co Ltd, is due to hold its annual general meeting in June..
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