Tatneft to Gain Control over Ukrtatnafta
The Constitutional Court of Ukraine acknowledged null and void yesterday, October 13, 2005, the transfer of 43.054 percent in Ukrtatnafta under the management of Naftogaz Ukraine. The stocks will go to the State Property Fund of Ukraine to be put up for sale at the public auction. Of all companies interrogated, only Tatneft may be interested in Ukrtatnafta privatization.
The Constitutional Court of Ukraine invalidated Thursday the decree of former president of Ukraine Leonid Kuchma, whereby the state-owned stocks of Ukrtatnafta were contributed into the stock capital of Naftogaz Ukraine. Therefore, the State Property Fund gets 43.054 percent in Ukrtatnafta for further sale. “We are going to study privatization chances for those stocks and for the 18 percent [stake] recently taken by the state from Sea Group and AmRuz,” spokesmen of the Federal Property Fund said, specifying they want at least $500 million for 61 percent.
Set up in 1994 on the basis of Kremenchug refinery, Ukrtatnafta covers 35 percent of petroleum market in Ukraine. From the very beginning, Ukraine held 43.054 percent in the company, Tatarstan’s Property and Land Ministry – 28 percent, Tatneft – 8.6 percent, AmRuz Trading AG (Switzerland) - 8.336 percent, U.S. SeaGroup International plc – 9.96 percent.
On September 6, the Business Court of Ukraine acknowledged null and void the sale of 18 percent in Ukrtatnafta to Tatneft-affiliated AmRuz Trading and Sea Grîup. As result, Ukraine has 61 percent now, while Tatarstan owns only 38 percent.
In Ukrtatnafta, they declined to comment on the court award yesterday. Representatives of TNK-BP-Ukraine, LUKOIL-Ukraine, Rosneft and Sibneft said they are not interested in Ukrtatnafta stocks. Tatneft may be eyeing the stocks, spokesmen of Tatarstan’s representative office said.
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All the Article in Russian as of Oct. 14, 2005
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