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Deloitte & Touche Evaluates Rosneft
// Sergey Bogdanchikov valued at $30 billion
Oil and Gas
Kommersant has learned that the Deloitte & Touche Co. is carrying out an evaluation of the assets of Rosneft oil company preliminarily to their consolidation for its initial public offering. Deloitte & Touche performed the same function for TNK-BP. The company's final account is to be presented in October. Rosneft president Sergey Bogdanchikov suggested this summer that the company would exchange 7-8 percent of its shares for shares of minority shareholders in its subsidiaries. According to information obtained by Kommersant, after the consolidation of Rosneft, a new evaluation of the company will be made that will determine the package to be placed. Bogdanchikov has said that Rosneft is worth $30 billion.
Sources in banking circles tell Kommersant that Deloitte & Touche is evaluating the assets of Rosneft that will serve as the basis for the consequent exchange of stock in its subsidiaries for stock in the oil company itself. They say that the contract with Deloitte & Touche was concluded in August and stipulates that the final account will be presented in October. Deloitte & Touche refused to confirm or deny that information yesterday.
According to Rosneft accounts, at the end of 2004, minority shareholders held 16.91 percent of Rosneft-Purneftegaz, 35.63 percent in Rosneft-Sakhalinmorneftegaz, 49.22 percent in Rosneft-Krasnodarneftegaz, 28.05 percent in Rosneft-Stavropolneftegaz, 62 percent in Rosneft-Tuapsenefteprodukt, 22.69 percent in Rosneft-Komsomolky oil refinery, 18.49 percent in Rosneft-Tuapsinsky oil refinery and 23.21 percent in Yuganskneftegaz.
In July, Bogdanchikov suggested that 7-8 percent of the Rosneft stock planned for sale would go in exchange for minority shares. He did not rule out the possibility that another 10-12 percent of the shares in Rosneft would be sold to pay off the company's debts, which currently exceed $22 billion. The rest of the shares will be placed in the IPO planned for late 2006.
Thus the state will cease to control up to 20 percent of Rosneft stock before the IPO. It is assumed that the placement of stock will take place on the London stock market.
An investment banker informed Kommersant on Friday that Rosneft vice president Sergey Alexeev met with potential investors in London on Friday. He said that the oil company plans to consolidate its assets, as TNK-BP is doing now, although he did not go into detail. Deloitte & Touche made the evaluation on the basis of which TNK-BP is now exchanging its stock with minority shareholders in its subsidiaries. One of the co-owners of the Saratov oil refinery (which is registered to the Indian Ocean Co. on the Seychelles Islands) was dissatisfied with the evaluation of that enterprise and disputed in the Moscow Arbitration Court. He lost the case.
Kommersant sources in banking circles think that Rosneft is counting on the consolidation raising its value before the IPO. In May the Stanley Morgan investment bank evaluated Rosneft at $24-26 billion. At the beginning of September, Bogdanchikov expressed the opinion at a teleconference with the managers of the company's subsidiaries that the capitalization of the company would be about $30 billion. Kommersant sources said yesterday that the final estimate of Rosneft would probably be made no earlier than half a year before the IPO. They were confident that the estimator for that evaluation has not yet been selected. Rosneft refused to comment yesterday on the company's preparations for the IPO.
by
Denis Skorobogatko
All the Article in Russian as of Sep. 27, 2005
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