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Sidanko also transliterated as SIDANCO (Сиданко; ) was a Russian oil company, the 8th largest company in the country by revenue in 1995. Sidanko owned several oil production units, including Chernogorneft and Udmurtneft.
An additional 34% stake was sold by the government in September 1996, in an auction designed to have Uneximbank as the only admissible bidder. As with the rest of the loan for shares scheme, the Sidanko auction was considered rigged by most analysts. In November 1997 BP bought a 10% share in the company for $484 million.
Sidanko entered bankruptcy proceedings in February 1999, after ZAO Beta Ekho filed to recover a $22,000 debt. Beta Ekho was later revealed to be a vehicle of Mikhail Fridman's Alfa Group, which was using bankruptcy laws to avenge Fridman's exclusion by Potanin from the Svyazinvest privatization. In September 1999 western creditors agreed to cede their voting rights in the company to Russian government.
Tyumen Oil Company bought Sidanko's Chernogorneft unit for $176 million at a bankruptcy auction in November 1999. In 2001 Interros sold a 44% stake in the company for $650 million. BP raised its stake to 25% in 2002, paying $375 million for a 15% share. In 2003 Sidanko merged with TNK, Onako and the majority of BP's oil assets in Russia to form TNK-BP.
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