| Gazprom was left alone with Briling Boris Titov, who heads the RSPP working group on reforming the gas industry, brought his cooperation with Gazprom in the case of the agrochemical corporation Azot to its logical conclusion. The offshore Solvalub controlled by him sold Mezhregiongaz a stake of 7.24% minus one share of this company. Now Gazprom, together with its subsidiary Mezhregiongaz, controls 47.36% of Azot shares. A representative of the concern told the Vremya Novostey newspaper that this purchase “fits within the framework of Gazprom’s policy of restoring control over lost assets.”
As already mentioned, Boris Titov was initially an ally of the concern in the fight against the current management of Azot, led by President Georgy Briling. Back in February, when Gazprom, trying to take 46.38% of the shares of the agrochemical corporation from Mezhregiongaz, gave the opportunity to other shareholders of the company close to Mr. Briling to exercise the right of first refusal to buy out the share, the Tito company donated one share of Azot to the concern "(to make him a member of a closed society). A few weeks ago, Gazprom was issued a power of attorney to vote AHK shares owned by Solvalub. Now Mr. Titov has finally left the game. Unfortunately, it was not possible to contact him yesterday. But a source close to the deal told the Vremya Novostey newspaper that much less was paid for these shares than their nominal value, which amounts to 70.9 million rubles ($2.3 million). Payment was completed last Tuesday, and the deal itself was concluded in mid-July.
Azot refused to comment on this event. And, according to a source close to Mr. Briling, they assess Titov’s actions very positively. “It’s no secret that he wanted to return to the post of president of Azot (Boris Titov headed the corporation until the summer of 2002), says our interlocutor. “It was he who started the mess of buying back shares from Mezhregiongaz, because he understands this business.” The fact that he got rid of the shares indicates his “capitulation.”
There is another version. It is possible that Mr. Titov’s participation in the conflict on the side of Gazprom harmed his image. It does not suit a person holding a serious position in the RSPP, who is also responsible for the concept of gas market development and the creation of its independent coordinator, to have a joint business with a gas monopolist. Alexey GRIVACHS |
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