The fact two giant Russia-based international oil companies have been scrapping for a minority stake in Sibir Energy at prices 10 times last December's low offers an unlikely chance of redemption to members of Sibir's board and its cruelly abused smaller shareholders. But don't hold your breath.

Gazprom Neft has accumulated a 16 per cent stake, having trumped TNK-BP's offer for shares. Now the question is whether the Russian state-controlled company goes after one of the chunks owned by large Russian shareholders, including Chalva Tchigirinsky.