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Gazprom and SUEK have confirmed that they abandoned creation of Russias biggest fuel and energy venture worth $16 billion. Instead, the companies announced conclusion of strategic partnership agreement.
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June 10, 2008
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Gazprom, SUEK Drifted Apart
Gazprom and SUEK have confirmed that they abandoned creation of Russias biggest fuel and energy venture worth $16 billion. Instead, the companies announced conclusion of strategic partnership agreement. But the conflict is imminent. Sources with Gazprom said the monopoly refused to seal the agreement and isnt particularly pleased with SUEK. There, they intend to employ managers that left Gazprom-controlled OGK-2 with grand scandal.
Russias gas monopoly Gazprom and Siberian Coal Energy Co. (SUEK) released the joint statement yesterday saying that Gazprom called back from Federal Antimonopoly Service the application for the buyout of 50 percent plus a stock in SUEK. The capitalization of the venture was to reach $16 billion.

Gazprom and SUEK announced instead that they inked June 6 an agreement for strategic partnership in the fuel and energy sector that provides for coordination of their strategic activities. The agreement covers nearly all aspects of Russias energy market.

Regardless, a source close to Gazprom leaked that a conflict is impending. Sixteen top managers left Gazproms OGK-2 as a result of past weeks scandal, taking over 550 million rubles as gold parachutes with them. Gazprom vowed to probe into the accident, pledging to hire back those who return the money. OGK-2 Director for Economy Vladimir Blokhin has obeyed and the monopoly will again employ two more managers, the source specified.

Yesterday, however, TGK-13 Executive Director Vladimir Bogomazov confirmed the desire to hire the managers that left OGK-2. TGK-13 belongs to SUEK and Gazprom is obviously irritated by the move. We are yet in no mood to work with SUEK under any partnership agreement, said a source close to monopoly. No agreement has been signed at all, a high-ranked source with Gazprom specified. We announced it under the urgent request of SUEK.
www.kommersant.com

All the Article in Russian as of June 10, 2008

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