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Germany Raises Share in Gazprom
After four years of negotiations, the German concern E.ON has received a share in the Yuzhno-Russkoe gas field, one of the largest in Russia and the resources base for the Nord Stream pipeline. The deal was made in the form of an exchange of 2.93 percent of Gazprom stock for a quarter share of the deposit. The state share in Gazprom was indirectly increase by 1.5 percent in the process.
The value of the Gazprom shares has been unofficially valued at €5.6 billion ($7.76 billion). At yesterday’s quotations ($7.40 per share), it was worth only $5.133 billion, but that is still two and a half times more than the German BASF paid for a share of the same size in the gas field.
The deal was completed yesterday in the presence of Russian President Dmitry Medvedev and German Chancellor Angela Merkel. The German company will receive 25 percent minus one share in OAO Severneftegazprom, which owns the license for the development of the deposit, which has reserves of ABC1 natural gas of 825.2 billion cu .m. Gazprom will receive in exchange 49 percent of ZAO Gerosgaz. Fifty-one percent of that company already belongs to Gazprom Export and it owns 2.93 percent of the shares in Gazprom. Thus Gazprom formally received 1.43 percent of its own stock in the deal. Sources say, however, that, in fact, 2.93 percent of Gazprom stock was involved in the deal.
An Interfax source said that Gazprom and E.On will form a joint enterprise for the sale of gas from the Yuzhno-Russkoe field, similarly to the joint enterprise already formed between Gazprom and BASF Wintershall. Shares have already been exchanged in that deal.
www.kommersant.com
All the Article in Russian as of Oct. 03, 2008
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