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Russian co, Oil India to bid for Udmurtneft (Part 2)(Interfax News Agency Via Thomson Dialog NewsEdge)MOSCOW. Feb 28 (Interfax) - Northwestern Oil Group (SZNG), which holds a number of operating licenses in Russia's Saratov region, and Oil India have made a joint bid to buy 96.9% of Udmurtneft (RTS: UDMN), which produces around 6 million tonnes of oil per year, from TNK( RTS- TNKO)-BP, SZNG told Interfax. The company declined to reveal how big a share each company had in the alliance on commercial secrecy grounds. Another Indian company - ONGC Videsh Ltd. - has 49% of a consortium with Itera (RTS: ITER) to bid for Udmurtneft. Russneft has decided against bidding for Udmurtneft and Sibneft (RTS: SIBN) looks set to do the same, sources said. A source familiar with Russneft's plans told Interfax that the oil company's decision not to bid for Udmurtneft was final. "They want 30%-35% more than the asset is really worth and Russneft thinks the price is too high," the source said. A source familiar with the sale plans said that TNK-BP wanted $2.5 billion-$3 billion for Udmurtneft. Analysts are saying that the asset is worth $1.5 billion-$2.5 billion. Sibneft representative John Mann told Interfax that the oil producer would probably decide against bidding for Udmurtneft because the asset does not fit in with its investment criteria. Mann said a final decision had not yet been reached, though. TNK-BP stopped accepting preliminary offers for Udmurtneft on February 17. The deadline for final offers is mid-March. TNK-BP has still not reached a final decision to sell the asset. RTS$#&: ITER, SIBN, TNKO, UDMN |