Rus News Journal

Gazprom prozasedalsja

session of board of directors " Yesterday has taken place; Gazprom . Any official statements on its results at the moment of number delivery in the press it has not been made. In the agenda there were too important questions, among them share market liberalisation Gazprom release of eurobonds for the $750 million sum, and also the repayment of 32 % of actions of affiliated company Purgaz which have caused too heated arguments and have tightened discussion.

session of board of directors has begun in 18. 00. However to 21. 30 press - service Gazprom has not made any official statement, and mobile phones of councillors of directors have been disconnected - they continued to argue.
the question on liberalisation of the share market of the company stood the first in the agenda. According to the interrogated analysts, this question should not cause disagreements among councillors. So, according to the director of department of consulting of the company Unikon Andrey Sinjagina, now there are serious bases for start of the program of stage-by-stage liberalisation of the share market ` Gazprom ` as the today`s condition of this market cannot satisfy to interests of development neither the company, nor potential strategic investors .
the question on forthcoming placing of eurobonds (yesterday`s number see) was More difficult. It is known that some months Gazprom prepared for this event. However initially it was a question of loans for the sum of $300 - 400 million, now mister Miller named the sum of $750 million According to plan Gazprom eurobonds it is planned to let out till the end of the year with repayment term in the second half of the year 2005. Listing of eurobonds will pass at the Luxembourg stock exchange. However, according to experts of the gas market, the eurobond Gazprom Can remain not claimed, considering the general debts of the company in $21,5 billion Apparently, the sum of loans and became a subject of heated arguments of councillors.
and one more important question which could become the reason of prolonged session, - discussion of a question on the repayment of 32 % of actions of affiliated company Gazprom - Joint-Stock Company Purgaz . Last time a question on control restoration over the affiliated structure board of directors Gazprom discussed in July. Already then in Gazprom recognised that returning Purgaza in a bosom Gazprom - the question political also will dare it political methods. The matter is that it is primary these actions have been sold Gazprom the companies Itera ( Purgaz has the licence for the Gubkinsky gas deposit in Jamalo - Nenets district with the confirmed stocks more than 380 mlrd cubic The m of gas also provides 70 % of volumes of extraction Itera ). Now to Gazprom 19 % of actions " belong; Purgaza .
Then and in Gazprom and in to Itera asserted what to return actions Purgaza to concern it is economically unprofitable. The matter is that under purchase and sale treaty provisions between Open Company Linko - optim (the enterprise supervised MGK Itera ) and the enterprise Nojabrskgazdobycha (affiliated company Gazprom ) Till January, 1st, 2002 Gazprom can return itself of 32 % of actions for the same 32 thousand rbl., as sold, having returned thus to Itera all investments enclosed in development of the Gubkinsky deposit ($194 million). If Gazprom has used the right of the repayment of this package, it would mean that the company dvizhut political, instead of economic motives (really return Purgaza will manage twice more expensively - almost in $400 million). Then in Gazprom have reminded that the concern receives a gain for rendered to Itera services in transportation of gas at a rate of $200 million a year. And if Purgaz it will be recognised affilirovannoj to Gazprom the company these services become free. Thus at Itera there will be a package in 49 % of actions Purgaza and she will get additional profit, simply being the shareholder of this company. Nojabrskgazdobycha Some times addressed in Gazprom with the request to compensate investments to Itera and to return actions Purgaza back in Gazprom but the concern management then was against.
it is detailed about decisions of board of directors will tell tomorrow.
IGOR - ZIMIN