Rus News Journal

Head BP: Negotiations on Kovykte are deeply frozen

Negotiations VR with Gazprom about sale to the last shares in the Kovyktinsky project are interrupted. It on Tuesday was declared by the head of the British company Tony Hejvord after presentation of reporting VR, transfers Reuters.
As he said, negotiations about share sale in the Kovyktinsky deposit the licence on which multinational corporation structures - VR own, are deeply frozen . We will look, when we can recover this conversation, but I not too would hope - T.Hejvord has told.
before T.Hejvord informed that the transaction of Kovykte it is frozen to the full resolution of conflict of shareholders of the multinational corporation - BP. We will remind, the conflict has been resolved on September, 4th 2008., and full end of dispute of the party declared in January 2009. Thus, it is possible to assume that the influence on the decision of the parties to stop negotiations was rendered by global financial crisis.
Negotiations on Kovykte were conducted since June 2007., when the multinational corporations - VR and Gazprom have agreed about sale to gas holding of shares in the Kovyktinsky project - 62,8 % of shares of company RUSIA Petroleum which is the holder of the licence for a deposit, and also 50 % of actions East - the Siberian gas company (VSGK) which carries out the project of regional gasification of the Irkutsk region. Gazprom and the multinational corporation - BP also have provided an option for the return repayment of 25 % plus one action in the Kovyktinsky project.
since then transaction imprisonment terms were repeatedly transferred because the parties could not converge on in any way price of a sold package. It was supposed that the transaction will be closed by December, 1st 2007., a price range - from 600 to 900 million dollars However Gazprom and the multinational corporation - VR had not time to co-ordinate all conditions to this term and have transferred transaction closing without day. A number of experts assumed that the parties had not time to agree at the price of the transaction. So, for example, the multinational corporation - VR estimated the given actives in 764 million dollars, and V.Vekselberg did not exclude that the transaction will pass for a ceiling price - 900 million dollars Later was informed that the multinational corporation - VR can lift cost of a package to 1 mlrd dollars
Besides, within the limits of signed in June 2007. The memorandum of mutual understanding Gazprom, the multinational corporation - VR and VR intend will generate joint venture with investments not less than 3 mlrd dollars In the joint venture to Gazprom to belong 50 %, the others - the multinational corporation - VR and VR. Gazprom informed that Kovykta can be brought in it and Rospan (gas a daughter the multinational corporation - VR), VR said that can transfer in the joint venture some assets on processing, storage and transportation of natural gas. the big transaction it was planned to structure and finish within a year (till June 2008.) .
the Kovyktinsky deposit - one of the largest deposits of Eastern Siberia with stocks of natural gas 1,9 trln cubic m. Now shareholders nedropolzovatelja RUSIA Petroleum are the multinational corporation - VR (62,42 %), Interros (25,82 %) and administration of the Irkutsk region (11,24 %). The company could not start realisation of the given project about 10 years as there was no possibility to transport for export gas from a deposit from - for absence of a gas pipeline. The beginning of industrial development of a deposit disagreements of Gazprom and shareholders of the project on transportation and gas commodity markets braked. On September, 3rd 2007. Minpromenergo has confirmed East program according to which the Kovyktinsky deposit can be placed in operation in 2017.