The third issue

** President of the Russian Federation and his administration **

President V. Putin held a meeting in the Kremlin with NATO Secretary General Japa de Hoop Scheffer , during which it was a question of Russia's relationship with the Alliance, in particular, the speedy connection of Russia to the Anti-Terrorism Operation of Active Efforts, as well as the implementation of the action plan for the combat of terrorism, developed by the Russian Council. At the same time, V. Putin proposed to develop and in the near future to implement the pilot project of Russia and NATO to prepare employees of the drugs to combat drugs in Afghanistan and Central Asia.

** Government of the Russian Federation **

The Secretary of State of the Union State of Belarus and Russia , P. Borodin , said that the constitutional act of the Union State of Belarus and Russia is ready, there are several of its options, the issue only in making a political decision. According to him, "I think that in November of this year we will make a decision on the adoption of a constitutional act, and holding a referendum, and the election of the general parliament."

** Federal Assembly **

The State Duma, until the end of the spring session, will accept in the second and third readings a bill on reducing the limitation period for insignificant transactions to three years, including privatization, said the head of the Duma Committee on the legislation of P. Krasheninnikov . According to him, this bill introduced the Government of the Russian Federation to the Lower Chamber in accordance with the President’s Epistle.

The State Duma of the Russian Federation may oblige enterprises to pay dividends, said the chairman of the State Duma Committee by V. Pleschevsky , speaking at a conference in Yekaterinburg organized by the RSPP. "We are preparing proposals for the forcing of companies to pay dividends," he said. According to him, "this will be the same additional requirement as the disclosure of information to issuers." V. Pleschevsky explained that in Russia the rights of minority shareholders are everywhere violated. In order to resolve the situation, it would be fair, "if the majority were controlled, and the minoritarians received dividends."

** Scandals and incidents. Rumors **

The mayor of Moscow Yu. Luzhkov , speaking at a scientific and practical conference on the principles of reforming the social sphere of Russia, criticized the social and economic policy pursued by the Russian government. In particular, he noted that

... "The government reforms the economy, not society, achieves financial stability, not economic development, reduces inflation and does not reduce social inequality." The main goal of the Russian government is the accumulation of gold and foreign exchange reserves. "At the same time, the social sphere will fluff from monetary hunger. Social strangulation of the regions continues."

... "With all the difficulties of the real sector of the economy, a lot of money is removed from it." "Currently, the Pension Fund is 8% of GDP. A little more and one tenth GDP will be frozen." It is necessary to force the Russian government to accept an honest budget. "We must stop developing it with a surplus. Judging by my data, this is 530 billion rubles. Where are they directed and where do this money work?"

The Switzerland court granted the request of the Federal Department of Justice to extend the content of E. Adamov in custody. The former head of the Ministry of Defense of the Russian Federation will have to remain in the investigative isolator until the final decision in court of the issue of whether his detention was legitimate or illegal.

** Banking news **

Speaking at the annual meeting of shareholders of Sberbank of the Russian Federation, the chairman of the Bank of Russia, the chairman of the Supervisory Board Sberbank S. Ingonatiev noted that Sberbank is not going to convert privileged shares into ordinary.

** Companies news **

Speaking at a meeting of shareholders of Gazprom OJSC

- Chairman of the Board of Directors of Gazprom, D. Medvedev , said that

... Rosneftegaz OJSC signed a contract of sale of 10.74% of the shares of Gazprom by subsidiaries of a gas monopoly. Currently, all transactions related to the acquisition by the state of this package are completed.

... Gazprom and the government will create a working group that will be engaged in the coordination of all procedures and the preparation of documents that are necessary to resolve the issue of completing the process of liberalizing the market of shares of a gas monopoly by the end of this year.

- Chairman of the Board of Gazprom A. Miller said that

... The liberalization of the Gazprom shares market until the end of this year will allow to open the fair value of the company. "

... Part of the funds received by Gazprom from the sale of 10.74% of its shares will be invested in the development of distribution networks within the Russian Federation.

... Gazprom expects to go out on a leading increase in reserves over booty in 2011. "In the future, we plan to create new centers on the Yamal Peninsula, the Arctic Shelf, in Eastern Siberia and the Far East." The company also intends to further pay special attention to the development of the gas transmission system, while "for gas production, we have already created an excellent cauldron for the medium -term perspective."

... Gazprom plans to strengthen the oil component in its balance sheet by acquiring oil assets in Russia and abroad, as a result of which the structure of the company will become similar to the structures of oil and gas giants as Exxonmobil, BP and Shell, the share of oil production in the balance sheet is about 55%.

... It is necessary to form a competitive market for primary energy resources in the Russian Federation, go to spotto bidding gas based on exchange technologies.

... Gazprom completes the deal to exchange assets with Gazprombank. At the same time, Gazprom plans to transfer to Gazprombank the media business, and the stakes in energy companies will be transferred to Gazprom. In turn, the board is working on the transfer of Gazprom’s energy assets to a specialized 100%subsidiary. Thus, Gazprom will transfer energy from the category of financial investments into a specialized business.

... Gazprom in 2006 intends to raise prices for Russian gas supplied to the countries of the former USSR and switch to purely market mechanisms in mutual settlements, excluding opaque barter and test schemes. "

- The deputy head of Gazprom A. Ryazanov emphasized that Gazprom would not raise domestic gas prices to a world level. According to him, "in Russia's energy strategy, gas prices by 2010 are provided at the level of $ 60-65 per thousand cubic meters in ruble equivalent."

- The deputy head of Gazprom A. ANANANENKOV noted that

... The entry into force of the Kyoto Protocol "opens up new opportunities and prospects for Gazprom. "Now there is a new attractive type of activity in the gas industry - energy conservation. Over the years, Gazprom has been working to restrict greenhouse gases into the atmosphere."

... In the process of structural reform of the concern, three main goals should be distinguished - “The reliability and handling of a unified gas supply system and reliable provision of consumer fuel”, “Gazprom’s increase in the efficiency of the Gazprom group, as well as an increase in the transparency of financial flows.

* * * Cash calculations between Rosneftegaz OJSC and subsidiaries of Gazprom OJSC - Gazprombank CJSC , Gazprominvestholding LLC , Gazfontinz NPF and Gazpromfinance JSC - will be carried out by three tranches. The first is within a month, the third is until December 25, 2005. According to the press service of Gazprom, the necessary funds will be attracted by Rosneftegaz in the international borrowing market.

In accordance with the reform schedule , AO-Energo , RAO, plans to state registration with the tax authorities of 18 new companies allocated during the reform of Dagenergo , Omskenergo , Orenburgenergo , Tyumenenergo and Khakasenergo according to the basic version.

An informed source reports that the start of the operational activity of the territorial generating company No. 1 ( TGK-1) is transferred from July 1 to October 1, 2005. According to the source, in connection with the seasonality of the energy work, the beginning of TGK-1 operating activities from July 1 would have entailed a negative financial result at the end of the year, which could become a reason for a “biased assessment” during the reform of the industry. "All the structures of the company were ready for the beginning of operating activities on July 1, but Lenenergo management turned to the chairman of the board and the company's shareholders with a proposal to postpone it on October 1, 2005 so that no one had doubts about the effectiveness of the reforms," ​​he explained.

In the interests of its shareholders, CJSC " Complex Energy Systems " (CES) acquired stakes in shares of OJSC Vladimir , JSC Ivenergo , OJSC Penzaenergo and companies allocated from these ANO-Energo during reforming, the CES reported. The size of the packages has not yet been disclosed.

The shareholders of Irkutskenergo JSC at the annual meeting approved dividends for 2004 in the amount of 4.195 kopecks. per share. The total volume of the company's dividend payments in 2004 will increase by 15% compared to 2003 and will amount to 200 million rubles. The shareholders also elected a new composition of the board of directors of the company in the amount of 11 people and approved the annual report of the company, according to which the net profit of Irkutskenergo in 2004 amounted to 926.3 million rubles.

The Federal Service for Financial Markets (FSFR) of Russia at a meeting on June 23 registered the issue of non -enlightened percentage documentary bonds of the bearer of Perm Motor Plant OJSC for a total of 1 billion 200 million rubles. According to the press service of the FSFR, the placement will take place through an open subscription.

The annual meeting of the shareholders of CJSC " Deposit and Clearing Company " decided not to pay dividends following the results of work in 2004 and elected a board of directors of 12 people. At the same time, the council included: E. Astanan, A. Raslova, V. Denisov, I. Ikonnikov, M. Medvedev, O. Safonov, D. Soloviev, A. Stolyarov, A. Fedotov, B. Cherkassky, M. Yudin, M. Yarny.

* * * NP " Funding Exchange of the RTS " and NP " National Deposite Center " do not plan to increase their shares on the capital of CJSC " Deposit and Capital Company " in the near future, the President of the RTS NPs and Deputy Director of NP "NDC" D. Soloviev said at a press conference.

Read about the further development of events in the next issue of the monitor at 19 o’clock.