| Other Photos |
 |
|
 |
RUE Weighs Assets of Regional Gas Firms of Ukraine
Konstantin Chuichenko, who is the executive director at Swiss Rosukrenergo (RUE) and member of Gazprom management committee, approved the evaluation of assets made out by Ukrainian Aval Bank (Raiffeisen International Bank-Holding) for seven regional gas firms of Ukraine. The evaluated stakes are controlled by Continium of Ukrainian businessman Igor Yeremeyev and RUE needs the appraisal to buy them out and set up a distributor network in Ukraine to sell the gas there.
According to copies of documents of Raiffeisen Investment AG (nominal holder of 50 percent in RUE; Gazprombank has the remaining 50 percent), the aggregate worth of the stakes in seven regional gas companies stands at $73.51 million, including the premium of 40 percent and discount of 25 percent.
Therefore, RUE will probably pay $15.1 million at the maximum for 42.6 percent in Livovgaz, while the 40.75 percent in Ivano-Frankovskgaz and 52.4 percent in Chernigovgaz are evaluated at $16.6 million each. Each of two stakes – 55.58 percent in Volyngaz and 56.72 percent in Chernovtsygaz – averages $6.5 million, 60.03 percent in Zakarpatgaz is priced at $10.3 million and 21.41 percent in Rovnogaz costs $1.9 million.
Konstantin Chuichenko, who is the executive director at RUE, is said to have sanctioned this appraisal.
But the evaluation given by Ukrainian analysts is at least $20 million higher in worth. “Of all, the most expensive asset is Zakarpatgaz, which majority stake could be evaluated at $17 million to $18 million,” said Pavel Kachur, oil and gas analyst of R&L Investments. “The remaining stakes could be valued much cheaper, but the aggregate price could reach $90 million.”
At present, it is Continium-Trust of Igor Yeremeyev that controls the evaluated stakes. A source with Continium said the company and RUE’s co-owner Dmitry Firtashev have been negotiating the sale for more than a month already.
Continium declined to comment, RUE didn’t officially speak on the matter either.
A source close to Gazprom said RUE is willing to buy out the stakes from Igor Yeremeyev to contribute them to Ukrgaz Energo (50/50 owned by Naftogaz Ukrainy and RUE), while the ultimate purpose to attain is establishing a distributor network to sell gas on domestic market of Ukraine.
www.kommersant.com
All the Article in Russian as of Sep. 11, 2006
|
|
|
