Tyumen to transfer key subsidiary to Sidanko

The Clinton administration has blocked $498 million in US Export-Import Bank loan guarantees for Russia's Tyumen Oil Co.Tyumen-half-owned by the Russian government-bought Chernogor- neft, a former Sidanko subsidiary, for $176 million at a bankruptcy auction in November. But Chernogorneft owners and the European Bank for Reconstruction & Development claimed there were irregularities in the bankruptcy process. And BP Amoco PLC, which owns 10% of Sidanko, had complained to US officials.US Sec. of State Madeleine Albright had warned the Ex-Im Bank board that the loan would not be in the US interest. When the independent agency did not defer action, she invoked a US law that allows the sta...

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