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Lukashenko Promises Gazprom Its Money
Belarus is ready to pay its gas bill. Yesterday, the day before Gazprom was to cut deliveries to that country in half, Belarusian President Alexander Lukashenko promised to find the $460 million needed. Gazprom may or may not consider Lukashenko's word sufficient to maintain the gas flow. That will be seen only today.
The Belarusian president said that money from the Fund for National development would be used to pay the debt and replaced with borrowed money. He said that “good friends” would help the country with the money, naming Venezuelan President Hugo Chavez and Western banks in that circle. The National Development Fund was founded a year ago and so far has only collected money.
This will be the first time that money is put to use. The fund was set up for the modernization of strategic industries and the introduction of energy conservation technology. It is to have an annual income of $600 million. Information appeared in the Belarusian press last December that the country's largest companies would be obliged to donate $100 million a piece to the fund. The Russian Slavneft oil company protested publicly, but its Mozyr oil refinery in Belarus made the donation indicated. The $625 million Gazprom paid for 12.5 percent of the stock in Beltransgaz also went into that fund.
Analysts note that Gazprom's net profit has fallen drastically in the last year, and money is more important to it than principles at this point. Therefore, the Belarusian have a good chance of swaying the company.
www.kommersant.com
All the Article in Russian as of Aug. 03, 2007
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