Gazprom Freezes Mosenergo
Gazprom’s financial department has decided against acquiring new stocks of Mosenergo under the terms offered by RAO UES of Russia. The gas monopoly appears generally displeased with the price, pattern of control and inability to replace management of Mosenergo till 2008.
Gazprom’s financial and economy department has resolved against buying out 25 percent of Mosenergo new stocks, a source with Gazprom said. Previously, the monopoly was said to be willing to acquire them in early 2007 for $2.1 billion.
In the wake of Gazprom’s doubts, perhaps, RAO UES of Russia shelved for indefinite time yesterday the choice of strategic investor, in which favor to release stocks of Mosenergo. The BOD voted on this decision under the order of government, RIA Novosti reported referring to Economic Development and Trade Ministry.
The standing of Economic Development Ministry is that an investor could be ultimately chosen only once Gazprom BOD goes through the issue. But it hasn’t happened yet.
Gazprom is generally displeased with the terms offered by RAO UES of Russia. The price for Mosenergo stocks is very high ($2.1 billion), a source close to Gazprom said. Moreover, if Gazprom piles up the majority stake, it will hardly want to have an ordinary partnership as the asset management company, which RAO UES proposes to set up. Gazprom is also embarrassed by the ban on replacing Mosenergo management till 2008 and, perhaps, by ambition of Mosenergo chiefs in part of their desire to control other energy assets of the gas monopoly.
www.kommersant.com
All the Article in Russian as of Oct. 20, 2006
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