| The concern is trying to get Northgas at the negotiating table Having regained control over Purgaz, Vostokgazprom and Zapsibgazprom and thereby increased its production in 2002 by 7.7 billion cubic meters, Gazprom began to take on other “promising” projects in this area. The next object of interest for Alexey Miller's team was one of the new independent gas producers - Northgas, which will produce 5 billion cubic meters this year.
This company was created with the participation of the Urengoy subsidiary of Gazprom, but subsequently, even before the start of industrial production, as a result of an additional issue, its share fell to 0.55%. The remaining shares were eventually purchased by foreign shareholders associated with the company's president, Farhad Akhmedov. Gazprom's attempts to challenge the results of the issue in court did not lead to the desired results, although the litigation continues. Forceful measures - for example, threats to disconnect Northgas from the pipeline - also had no effect. As a result, the concern had to sit down at the negotiating table with the management of Northgas and representatives of shareholders.
As the Vremya Novostey newspaper learned, the first round of these negotiations took place at the Gazprom central office on March 3. It was attended by Deputy Chairman of the Board of the Concern Alexander Ryazanov, Member of the Board, Head of the Legal Department Konstantin Chuychenko, Chairman of the Board of Directors of LLC Legal Company Verman, Mr. Khoroshilov, and President of Northgas, Mr. Akhmedov. According to the minutes of the event, Mr. Ryazanov “reported the existence of claims against Northgas related to the dilution of 51% of Urengoygazprom in the share capital of Northgas.” Mr. Chuychenko confirmed “the existence of claims” and stated that they would be resolved only “within the legal framework,” thereby confirming Gazprom’s refusal to use force and administrative methods to resolve issues.
The head of Northgas outlined the position of the company’s largest shareholders: “the reduction in the share of Urengoygazprom occurred by decision of the courts.” At the same time, he recalled that if Gazprom has more than 20% of Northgas shares, the latter will have to sell gas at federal prices. This will call into question the fulfillment of obligations on loans that were received for the development of the company and create a “threat of its bankruptcy.” He also stated that “shareholders are ready to consider the option of selling all (99.45%) shares of Northgas CJSC in favor of Gazprom or any other proposals on mutually beneficial terms.” (Experts interviewed by the Vremya Novostei newspaper valued the company at $0.8–1 billion.)
After this, Mr. Ryazanov admitted that the parties “need to find a compromise in the current crisis situation” and suggested “using the services of independent appraisers to assess the value of Northgas shares.”
As a result of the negotiations, it was decided to create a working group of representatives of the parties “to develop a compromise solution” and to select an independent appraiser by agreement of Gazprom and Northgas. The parties were supposed to present their candidates for the working group and for the role of appraisers yesterday. First Vice President of Northgas Sergei Tupitsin confirmed to the Vremya Novostei newspaper the fact of the start of negotiations with Gazprom. “We have fully implemented the decisions made on March 3,” he said. -- As independent appraisers, we proposed Rosekpertiza and the American company DeGolyer & McNaughton, which evaluates oil and gas companies, including Gazprom itself. He also said that the working group from Northgas, in addition to him and Mr. Akhmedov, would include Northgas Vice President for Economics Vyacheslav Sotnikov and lawyers from Baker & Mackenzie.
According to the Vremya Novostey newspaper, Gazprom has not yet sent its proposals. Most likely this is due to the fact that Mr. Ryazanov is on a business trip in Lithuania, where yesterday the next round of negotiations began on Gazprom’s purchase of 34% of Lietuvos dujos.
A source at Northgas admitted that there was some pressure from Gazprom. “But it is not profitable for the concern itself to disconnect our company from the pipeline, since it also loses money from this,” he says. “For a year and a half of operation, our company paid Gazprom $50 million for services in processing and transporting gas and condensate, and now, after reaching its designed capacity, the concern will receive this amount annually.”
According to a source close to the negotiations, at the moment Gazprom’s position is not very clear and is that it should be given a controlling stake in Northgas. It was not possible to obtain official comments from Gazprom yesterday. It is curious that among the participants there was a representative of the Tyumen law firm “Verman”. As an interlocutor in one of the courts in the Tyumen region told the Vremya Novostei newspaper, she represents the interests of Gazprom in litigation with Northgas. Moreover, according to the source, Verman has an agreement with the concern under which it undertakes to return the controlling stake in Northgas to Gazprom. Alexey GRIVACHS |
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