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Gazprombank Rips into Alliance
// For the sake of Rosneft
Gazprombank has published an analysis of the securities issue by Alliance Oil Co. saying that the company may lose its main asset, the Khabarovsk oil refinery. Bank analysts suggest that a “major oil company” purchase the refinery. They name Rosneft as the future owner of the refinery in one scenario and transparently hint at it in others, Interfax news agency now reports. Alliance spokesmen say that the refinery is not for sale. But it is still possible that the oil company will do so. The Gazprombank report may be the first step in the sabotage of Alliance's initial public stock offering on the London Stock Exchange. Alliance's refinery may not be the most attractive acquisition for Rosbeft, however, since it can expect good deals on YUKOS and Bashneft assets.
Alliance is the organizer of a 3-billion ruble securities issue by Alliance. The Khabarovsk oil refinery is the guarantor of that loan. Alliance sold the oil terminal at the Port of Nakhodka to Rosneft at the end of June. There is only one oil refinery in the Russian Far East besides the one at Khabarovsk. That is the oil refinery at Komsomolsk, which belongs to Rosneft. Like Rosneft, Alliance is engaged in negotiations for a branch of the East Siberia–Pacific Ocean pipeline to its refinery. Rosneft and Alliance are main presences on the retail market in the Far East and Maritime Territory as well.
Alliance spokesmen say that there are no negotiations for the sale of the Khabarovsk refinery and that such a sale would contradict the company's development plans, which include modernizing the refinery, partially through its secured loan. Rosneft is declining to comment on its interest or lack of interest in the Khabarovsk refinery. “Every analyst has his own opinion and whether or not an investor trusts it is his personal business,” commented a Rosneft source.
Mikhail Zak, author of the Gazprombank analysis, told Kommersant that the report was based on market conditions and not on specific information about transactions. Alliance Oil Co. is part of Alliance Group, founded in 1998 by former SIDANKO president Zia Bazhaev, who died in an automobile accident in 2000. Alliance Group owns about 80 percent of Alliance Oil. The Bazhaev family owns 83 percent of Alliance Group. Alliance Oil's main activities are refining, transshipment and sales of petroleum products. It also owns the Kherson oil refinery, which has been closed since the middle of last year for reconstruction, and has a sales network in Ukraine and the Russian Far East. Alliance plans to invest $4 billion in its refining and sales by 2010.
www.kommersant.com
All the Article in Russian as of Aug. 25, 2006
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