| Rakhimov no longer needs Gazprom As December 7 approaches, when the presidential elections in Bashkiria will be held, more and more facts indicate that the summer cooperation agreement between Gazprom and Bashkiria was a tactical political move by the current head of the republic, Murtaza Rakhimov. The agreement signed in June stipulates that Gazprom, in exchange for waiving the demand for more than 1.5 billion rubles owed by Bashkir consumers, will receive from the republic shares of four large petrochemical enterprises - OJSC Salavatnefteorgsintez (SNOS), CJSC Kauchuk", CJSC "Kaustik" and OJSC "Gazservis" - into trust management. The resulting assets were subsequently planned to be combined within a new subsidiary under the control of the concern. To this end, the parties signed up for the possibility of working out the issue of the subsequent sale of these shares into the ownership of Gazprom. Judging by the latest events surrounding the petrochemical assets transferred to the management of the concern, the republic’s leadership is in no hurry to fulfill its obligations. And there can only be one explanation for this: the course of the election campaign suggests to Mr. Rakhimov that retaining the presidential position is not guaranteed to him. In this situation, the head of Bashkiria, apparently, would like to retain the property.
Only Gazprom (which has already allowed itself to be drawn into the Bashkir elections) has sufficient capabilities for the candidate it supports to have a real chance of competing on equal terms with the current president. Moreover, one of Mr. Rakhimov’s main opponents is banker Sergei Veremeenko. And his brother Alexander, almost before the signing of the agreement between Bashkiria and Gazprom, headed Bashtransgaz, through which gas supplies go to the republic. In the process of working on a cooperation agreement, Alexander Veremeenko was fired from Bashtransgaz: Gazprom preferred “trust management” of petrochemical assets to the election fight. However, the likelihood that the concern will get its way is dwindling with each passing day that approaches the elections.
The Bashkir authorities prepared two unpleasant surprises for Gazprom at once. At the beginning of November, payment on the first tranche of Salavatnefteorgsintez bills was disrupted, and on November 18, the additional issue of shares of the Sterlitamak Kauchuk CJSC was canceled. This happened after the court decided to satisfy the complaint of one of the shareholders of the enterprise, behind whom Mr. Rakhimov’s entourage is guessed. The Federal Court of the Volzhsky District of the Samara Region canceled the order of the Federal Securities Commission dated September 24, 2003 on the additional issue of 870 thousand ordinary shares of Kauchuk with a par value of 50 rubles each. SNOS was supposed to buy these shares, thereby obtaining a controlling stake. After such a court decision, Kauchuk will no longer be controlled by Gazprom. Moreover, a lot of questions remain regarding the transfer of Salavatnefteorgsintez itself into the hands of a monopoly. A Gazprom manager suggested to the Vremya Novostey newspaper that the delay in payment of the company's bills may mean that its management is accumulating debts artificially, with the blessing of the republican authorities. “It is possible,” our interlocutor believes, “that immediately after the elections of the head of Bashkiria, the shares of Kauchuk will be transferred for debts to structures close to the republican government, so that Rakhimov, if he wins the elections, will again be able to retain Salavatnefteorgsintez and others enterprises connected with the plant through a single technological cycle.”
This actually puts an end to Gazprom’s plans to consolidate the Bashkir petrochemical industry within a subsidiary holding. However, now that the election campaign has reached the home stretch and it will be difficult for Gazprom to change anything, Ufa decided not to rush into parting with control over the petrochemical industry. Which is not surprising: the net profit of Salavatnefteorgsintez alone in 2002 amounted to 1.63 billion rubles. Gazprom already has negative experience of agreements with Mr. Rakhimov, and Alexey Miller may step on the same rake that his predecessor Rem Vyakhirev already stepped on. The fact is that Salavatnefteorgsintez, Kauchuk, Kaustik, and Gazservice have already been in the trust management of Gazprom once. At one time, Rem Vyakhirev already signed an agreement similar to the current one. Then Gazprom fulfilled its obligations, which did not lead to the transfer of republican enterprises to the ownership of the gas monopolist.
Observation of the working methods of the current Gazprom management suggests that they will not agree to be deceived. The moment of truth in relations, apparently, will come after the announcement of the results of the presidential elections in Bashkiria. If Mr. Rakhimov wins, the shares will most likely return to republican ownership. Moreover, the agreement provides for the resolution of controversial situations only through negotiations; not a word is said about any possible litigation. Alexander DAVYDOV |
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