Gas chemical offset

By September, SIBUR will turn into AKS Holding

The meeting of SIBUR shareholders yesterday approved the creation of a new company, AKS-Holding, as well as the introduction of shares of 20 petrochemical enterprises worth 16.99 billion rubles into its authorized capital. As a result, SIBUR's share in this company will be 42%. The remaining assets of AKS-Holding will be contributed by SIBUR's subsidiaries (in the amount of 10.1 billion rubles), which will receive 25% of the shares of AKS-Holding for this, and by affiliated companies (16.2 billion rubles), whose The share in the capital of the new company will be 33%. True, as SIBUR Vice President Dmitry Konov explained to Vremya Novostei, by September all 100% of the shares will be transferred to the Gazprom group in exchange for 40.1 billion rubles. SIBUR's accounts payable to the gas monopolist. This will not make SIBUR’s subsidiaries and dependent companies its largest creditors, since all obligations are planned to be repaid “within the framework of internal corporate procedures.” At the same time, according to Mr. Konov, no money will be involved in the scheme.

The decision to capitalize SIBUR's debts to the parent company was made by the Gazprom board of directors on February 4. At the same time, the directors of the monopoly allowed the management of the “subsidiary” holding to carry out the necessary transactions with assets without additional approvals. SIBUR President Alexander Dyukov was simply required to make a quarterly report on the progress of implementation of the approved scheme.

Among the subsidiaries and affiliates that, along with SIBUR, will become the founders of AKS Holding are OJSC Sibur-Tyumen, LLC Neftekhim-Leasing, OJSC Sibur-Neftekhim, as well as OJSC Siburtyumengaz. The latter company will receive the largest stake - 22%, as it will contribute nine gas processing plants in the Tyumen region to the authorized capital of the holding (previously they were on the balance sheet of the bankrupt Sibur-Tyumen).

Deprived of assets, SIBUR, as it was decided in February, will receive the functions of the financial operator of the business and will service the remaining part of the obligations (28.8 billion rubles) to banks and other creditors. He will supply raw materials to the enterprises of the new company, process them there and sell products until his obligations to creditors are fulfilled. According to Mr. Konov, the dialogue with banks is constructive. And most of them demonstrate their readiness to lend to AKS Holding.

Mr. Konov says that the name “AKS-Holding” is not final, it may change depending on how the operating scheme of the new company is built: “Maybe the company will only hold assets, maybe it will conduct operational financial activities. Based on this, it will be necessary to name it.” He added that SIBUR will not give up its old brand. “There is a SIBUR brand, it is good and recognizable in the petrochemical markets, but at the same time, in the financial market there are many negative aspects associated with this brand,” explained Mr. Konov.

SIBUR shareholders yesterday approved the company's annual report and re-elected the current board of directors for a new term. It included Deputy Chairman of the Board of Gazprom Alexander Ryazanov (Chairman of the Council), General Director of Surgutgazprom Yuri Vazhenin, Head of Orenburggazprom Sergei Ivanov, Deputy Head of Sovcomflot Alexander Krasnenkov and President of SIBUR Alexander Dyukov.

Mr. Dyukov also reported to shareholders on achieving record financial results. The company's revenue amounted to 85.5 billion rubles. (13 billion rubles more than a year earlier), gross profit reached 16.5 billion rubles. (in 2003 - 9.9 billion rubles), and net profit increased six times, to 7.2 billion rubles.

Alexey GRIVACHS