Aminex, the Irish exploration company, has paid $1 million (£688 million) to raise its stake in the AmKomi joint venture oil company in Russia from 50 per cent to 55 per cent. Aminex chief executive, Mr Brian Hall, has become chairman of AmKomi.

The other shareholders in AmKomi now are the government of the Komi Republic, which has acquired a 35 per cent stake from the Komi oil company, Komineft; and, Komineft which has retained a 10 per cent stake. The Komi Minister for Industry and Transport has joined the board of AmKomi. Before the change in shareholdings, AmKomi was a 50/ 50 joint venture between Aminex and Komineft.

Aminex has increased its stake in the company through the issue of new AmKomi shares. Aminex has funded its increased shareholding out of existing resources - it raised about $12 million in the summer to fund future development including expansion in Komi. AmKomi will use the $1 million cash injection for the development of its businesses. At the same time, the Irish publicly-quoted oil production and service company has set up a wholly-owned Russian operating subsidiary called Ami-Tek. The new company will take over the management of certain Aminex projects in Russia, including the Kirtayle Field development. It will be the vehicle for development in Russia of the Aminex service and supply company, Amossco. Ami-Tek may apply for mineral licences in its own name in the future, said Aminex.

Aminex has had a 50 per cent stake in AmKomi since 1994. The Russian company operates a number of oilfields in the southern part of the Komi Republic in Russia. Its largest asset is an interest in the Kirtayle Field which is being developed for production. On the Aminex decision to take control of AmKomi, Mr Hall said "decisive voting control of AmKomi will be enormously helpful to Aminex in the development of its Komi projects".