| Gazprom is getting closer to the consumer The head of Gazprom, Alexey Miller, in an interview with Interfax tried to explain why in the future Vladimir Putin will not ask him “where is the money” from gas exports. Last November in Novy Urengoy, the president pointed out that due to the huge number of intermediaries, Gazprom exports gas at a price two to three times lower than the market price. Mr. Miller has now found a reason to answer: the recent purchase of a 49% stake in the Slovak gas transportation company Slovensky Plynarensky Priemysel (SPP) was made in order to be closer to the consumer.
The auction for the sale of SPP was won by a consortium consisting of Gazprom, Ruhrgas and Gaz de France. However, the Russian concern received a deferment on its share of payments for two years. The head of Gazprom explains this situation this way: “The costs associated with the purchase of a stake in SPP were not included in our investment program for 2002. Since Gazprom’s investment program is being considered by the Russian government, it is impossible to include expenses, the likelihood of which depends on the decisions of another state.”
In the concern’s investment programs for subsequent years, Alexey Miller believes, the costs of purchasing SPP “will be considered.” The head of Gazprom believes that since the deal was aimed at diversifying export routes, the government will appreciate it. Gazprom's share in the volumes of gas transported through Slovakia is more than 70% (about 60 billion cubic meters per year), says Mr. Miller. The concern and SPP signed a contract for the transportation of Russian gas until 2008. For this reason, he does not expect Gazprom’s share in the consortium to decrease over time: “Currently there is no talk of this. Gazprom is an equal member of the consortium. We have every right, like Ruhrgas and Gaz de France, to participate in the management decisions of the consortium.”
Yesterday, the process of privatization of another company advanced, where Gazprom hopes to “get closer to consumers.” A consortium of German Ruhrgas and E.ON Energie has submitted its final proposals to the State Property Fund of Lithuania for participation in the competition for the sale of a 34% stake in the Lithuanian gas complex Lietuvos Dujos, Vice Minister of Economy and Chairman of the Privatization Competition Commission Nerijus Eidukevicius told BNS. According to him, the consortium (the only participant in the competition) submitted a technical and financial proposal, which contained the final price of the stake and the volume of investment. The official did not specify what amounts were in question (a month ago in Vilnius they talked about an amount of about $60 million).
Yesterday, the competition commission considered the consortium's proposals, but its decision to sign the number was not yet known. If the only participant in the competition was declared the winner yesterday, then by the end of the week this decision must be confirmed by the Lithuanian privatization commission, and then by the government. The share purchase and sale agreement is scheduled to be signed in May, after which it is planned to announce the second stage of privatization - a competition for the sale of another 34% of Lietuvos dujos shares to a Russian gas supplier.
A week ago, the Lithuanian press published excerpts from a letter from the deputy chairman of the board of Gazprom, Alexander Ryazanov, to the Lithuanian Minister of Economy, Petras Chesna: “The most important conditions for the privatization of Lietuvos dujos do not create equal conditions for other buyers to purchase shares of the enterprise. First of all, this is due to the fact that the state and the strategic investor sign a shareholder agreement, to which the gas supplier must also join. Gazprom cannot agree with this procedure for signing a shareholder agreement. The agreement must be signed by all participants simultaneously on pre-agreed terms.” Nikolay DAVYDOV |
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