A view of Gazprom headquarters on Nametkina St., Moscow
Photo: Valery Melnikov
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Slovak Govt Set to Transpetrol
The principal holder of Transpetrol SA, the government of Slovakia, has finally decided about the YUKOS-owned 49 percent in the company. Slovakia is ready to buy out the stake for $100 million to $120 million. Another frontrunner is Gazprom.
Slovakia intends to buy out from Yukos Finance B.V., subsidiary of YUKOS, the 49 percent in Transpetrol, Slovak PM Robert Fico announced Wednesday. Holder of 51 percent in Transpetrol, Slovakia may pay $100 million to $120 million for the asset.
In essence, the sale of the stake is a matter of policy rather than of economy now. YUKOS receiver Eduard Rebgun pledged to dismiss top managers of Yukos Finance, who stand for the London office of YUKOS. And it wasn’t an airy promise, as Rebgun is authorized to dispose of all 100 percent in that company. So, the agreement of Yukos Finance to sell Transpetrol will mean the Kremlin has sanctioned the buyer. In other words, controlled by the receiver, Yukos Finance will decline to sell the stake if the terms of the deal are disadvantageous for Russia. On the other hand, Slovak government may veto the sail should it dislike the buyer.
Today’s bidders for the stake are Polish PERN Przyjazn SA, Slovnaft that is owned by Hungarian MOL, Czech CEPSO AS, Russneft and Gazprom, which joined the challengers in July.
Once Gazprom appeared on the bidders’ list, Slovakian government put forward four requirements to the future co-owner of Transpetrol. The key one is ensuring the energy security for the country. Of all companies, there is no one except Gazprom that is capable of meeting this provision.
www.kommersant.com
All the Article in Russian as of Aug. 10, 2006
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