Mr Vladimir Tokarev is a geologist who was a senior figure in the Siberian oil industry during the Soviet era. When the Soviet Union collapsed the state company which he controlled was privatised, leaving it in control of valuable licences for the development of Siberian oil fields.
His company, KMNGG, had a substantial share of another oil company, Aki Otyr, which again controlled a valuable oil field licence. In 1994, the Russian Corporation, which had an agreement with Aki Otyr, entered into a deal with Bula Resources for the development of the field controlled by Aki Otyr.
Mr Tokarev was involved in negotiating a deal involving KMNGG, Mir Oil and Bula. Mr Jim Stanley was also involved. Mr Tokarev was appointed a director of Bula Resources.
Mr Nikolai Bogatchev, pictured above, is a former Soviet diplomat who became involved in oil. He gave advice to Mr Tokarev and has now become a senior figure in the Siberian oil industry.
KMNGG has entered into a partnership with US interests and a new entity, KMOC, is developing oil projects in Russia. Both Mr Tokarev and Mr Bogatchev have senior positions in the new entity. The Siberian field which was at the centre of the KMNGG/Mir/Bula deal has still not been developed. Bula has lost some £12.5 million as a result of the debacle.
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