Privatisation Lisichansky NPZPrivatization “ Linosa “: the second attempt
Privatization Lisichansky NPZ
Now to competition non-residents
the Supreme Arbitration Court of Ukraine are admitted One of these days also has rejected the protest of the State Office of Public Prosecutor on the decision on the case of bankruptcy of joint-stock company “ Linos “ (Lisichansky NPZ), according to which Fund of state property it was forbidden to undertake any actions on change of the status of actions of this enterprise which are in state property. Meanwhile competition on share holding acquisition is already declared. Privatisation of the largest in Europe NPZ can take place only in the event that the prospective buyer will manage to agree with creditors “ Linosa “.
Aktsionirovanie “ Linosa “ has passed in 1993. Right after it the Ukrainian authorities have started to plan sales NPZ and attraction of the strategic investor. Various variants, however concrete decisions were offered were not accepted within several years. Only last year the Supreme Rada of Ukraine has passed the law on experiment carrying out on transfer to management private (and by all means Ukrainian) firm 75 - a percentage state block of shares of actions “ Linosa “. However Leonid Kuchma has imposed on it the veto.
new attempt of privatisation is now undertaken: in December the Fund of state property of Ukraine has confirmed rules of carrying out of competition on sale 40 - a percentage share holding “ Linosa “ also has begun demands acceptance. Thus the fund has cancelled the decision on definition of the candidate on management 26 - a percentage share holding: it it decided to leave in the state property the next 5 years. It allows the present director “ Linosa “ to Vyacheslav Lobachu operating on behalf of the state of 75 % of actions to continue negotiations with possible investors.
speech, on - visible, goes about the foreign oil companies - to the Ukrainian structures hardly on forces independently to redeem a package. The buyer is offered to pay the credit German Westdeutsche Landesbank in $100 million (on this money the complex on polypropylene manufacture was under construction), to pay off debts for oil for the $130 million sum, formed in 1992 - 1993, and also to guarantee annual delivery of 6 million t oil. Besides, the investor should incur the obligation to fill up circulating assets of factory and to enclose $10 million in its reconstruction. Thus, investment obligations are estimated in $270 million In total taking into account a stock value the winner of competition should pay almost $450 million Sum impressive, especially if to consider that this share holding is not control.
competition results assume to bring on March, 31st. The Fund of state property does not disclose data on applicants. Experts name those firms which in 1997 have put on factory more than 1 million t to oil everyone among possible candidates. It “ Ukreksimnefteprodukt “ Russian - the Ukrainian company the FLEECE (20 % in it belong to YUKOS), KSI Energy (Ireland), “ Ukraine - oil “ (Ukraine), Lukoil International (Ireland), “ Bosan “ (Ukraine), IFD International (USA).
the Main and most real applicant on “ Linos “ in Kiev consider LUKOIL. In - the first, about this company there was a speech in Kuchma and Chubays`s negotiations in Kiev (December, 1997). In - the second, it is unique of the Russian oil companies which really invests to Ukraine (in particular, carries out the building program in Crimea 120 gasoline stations). In - the third, LUKOIL is interested in “ the Ukrainian variant “ transit of the Caspian oil (through the terminal in Odessa - to the Western Europe on already half constructed oil pipeline Odessa - Fords which will be connected with “ Friendship “).
CYRIL - RAZUMOVSKY