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Bashkiria Winds Up Fuel and Petrochemical Companies
For the state-run Bashkir Fuel Co. and Bashkir Petrochemical Co., the winding-up is an understood thing now. Those two companies took over the assets of Ural Rakhimov’s Bashkir Capital in time of his conflict with farther – Bashkir President Murtaza Rakhimov. Bashkiria’s prosecutors made it clear yesterday they wouldn’t appeal the award, which returned the stocks of the energy companies of Bashkiria back to Bashkir Capital. It appears the dispute in the Rakhimovs family has been patched up, although Ural Rakhimov will have to transfer 13 billion rubles to Bashkir budget for it.
The holders of Bashkir Fuel Co. and Bashkir Petrochemical Co. have passed the winding-up resolution with October 17, 2005 as the last day of the companies’ existance. “Both state-run companies have become outdated, they have no assets, so the self-liquidating decision was made,” sources with Bashkir government said.
Bashkir Fuel Co. was set up in 1998. It got the state-run stakes in Bashneft (63.72 percent) and Bashkirenergo (36.7 percent). The holding also united Bashkir Petrochemical Co. and Bashkir divisions of Transneft and Transnefteproduct.
Ural Rakhimov’s Bashkir Capital first got the state-run stakes of Bashneft and Bashkirenergo as well as the stocks of Bashkir Petrochemical Co.’s Ufa refineries and Bashkirnefteproduct under a sophisticated deal carried out by Bashkir Fuel Co. in 2003. The stocks were sold to Bashkir Capital on the 10-year installment plan for 13.5 billion rubles.
To get the assets back, Ural Rakhimov have apparently agreed to transfer over 13 billion rubles to Bashkir government. In view of the payment, it is clear why Bashkir Capital sold to AFK Sistema 19.9 percent in Novoil, Ufa NPZ, Ufaneftekhim, Bashneft and Ufaorgsintez, as well as 18.57 percent in Bashnefteproduct and 10.08 percent in Bashkirenergo for $502 million in August.
Once Bashkir Fuel Co. and Bashkir Petrochemical Co. are dissolved, Ural Rakhimov’s companies will be transferring funds for stocks bought out on deferred terms to the accounts of the property ministry of Bashkiria. According to Bashkir government, Bashkir Capital has paid up at least 4.5 billion rubles from 13.5 billion rubles due under the contract of 2003. The company will have to transfer 13 billion rubles in addition as the price of the conflict settlement.
www.kommersant.com
All the Article in Russian as of Sep. 23, 2005
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