According to the sources, the stake in Powerfuel is acquired not by Kuzbassrazrezugol but by its owners – Iskander Makhumudov, on the photo, and Andrey Bokarev.
Photo: Valery Levitin
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Kuzbassrazrezugol Digs into the U.K.
Kuzbassrazrezugol that is owned by Iskander Makhmudov and Andrey Bokarev may buy out the 51 percent in the U.K. Powerfuel, owner of Hatfield mine in South Yorkshire. The company’s target in the region could be constructing a 920-mW heat power plant to deliver energy to the U.K. market. The project worth is estimated at $150 million to 170 million.
It was Powerfuel owner Richard Budge, who announced Friday the sale of 51-percent in the company to a coal producer of Russia, Kuzbassrazrezugol. The analysts say the deal budget could be roughly £28.6 million ($50.2 million). Kuzbassrazrezugol is expected to get a stake via the issue of new stocks.
For Powerfuel's coal, Kuzbassrazrezugol intends to construct a heat power plant of two units, 460 mW each. It is willing to spend around $150 million to 170 million to the effect till 2008 (with settlement for the new stocks of Powerfuel taken into account).
That purchase of Powerfuel is the first deal with foreign assets clinched by the coal firms of Russia. According to the sources, the stake is acquired not by Kuzbassrazrezugol but by its owners – Iskander Makhmudov and Andrey Bokarev. This point is vital, as Mikhail Abyzov and his partners are said to be studying the chances to buy out a blocking or even the majority stake in Kuzbassrazrezugol. Abyzov, who is the general director at Kuzbassrazrezugol Asset Management Co., has denied this information.
www.kommersant.com
All the Article in Russian as of Mar. 20, 2006
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