| The Dutch structure of the concern will become the buyer of Sibneft The buyer of Sibneft will not be Gazprom, but its Dutch subsidiary Gazprom Finance BV, Interfax was told yesterday by the Federal Antimonopoly Service, which received a request to approve the transaction. Gazprom claims that the transfer of the buyer’s rights is of a technical nature and serves “for the convenience of organizing financing.” Financiers say that in this way the gas concern intends to avoid paying taxes, in particular on profits.
As you know, Sibneft shareholders and Gazprom top managers last week signed certain “binding documents”, according to which the gas monopolist will buy 72.66% of the oil company’s shares for $13.091 billion. Since more than 3% of the shares Gazprom acquired from Gazprombank, the concern will eventually receive a qualified majority of votes in the company. However, when this will happen, the parties do not say - Gazprom must first attract a loan for the purchase from a syndicate of Western banks.
Such a significant transaction amount understandably forces both sellers and buyers to think about taxation. However, Sibneft shareholders, as you know, are offshore companies that do not need to pay any taxes. Apparently, the buyer does not intend to pay the state a percentage of the transaction.
Moreover, it is really more convenient for Gazprom if its Dutch subsidiary carries out the deal. The fact is that Gazprom Finance BV sold a 4.8% stake in the parent company to the state in June and should receive money (more than 90 billion rubles, or $3.1 billion) for this transaction by the end of the year. Gazprom has repeatedly declared that money from this and similar transactions with the state will be used, among other things, to purchase large assets in the oil sector. Obviously, it will be much more convenient for a 100% subsidiary registered in a country with a preferential tax regime to do this. Ivan GORDEEV |
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