20 May 2004 05:47
Belarus may hold international tender for Beltransgaz
MINSK. May 20 (Interfax) - The Belarussian government has not ruled out the possibility of holding an international
tender to privatize gas transport concern Beltransgaz, if Russia's Gazprom does not agree to acquire shares in the
company at market value, Belarussian First Deputy Prime Minister Vladimir Semashko told Interfax.
He said that Beltransgaz is a system-forming and profitable company that defines the country's energy security.
It cannot be given away for nothing, this contradicts world practice, he said. As an example noted the privatization of
the gas transport systems in the Czech Republic and Slovakia, which are similar to the Belarussian system. "The
Czech system was sold for $4.3 billion," Semashko said. "Why should we sell ours at balance sheet value?"
he asked.
Gazprom is ready to acquire controlling shares in Beltransgaz at balance sheet value, which amounts to about $500
million. Gazprom Deputy CEO Alexander Ryazanov said that the Gazprom board would not approve the purchase of Beltransgaz
shares at a higher price because the Russian company's projects should have a profit margin of at least 15%, and
for gas transport systems a little less - 12%. Moreover, Gazprom does not have available funds in its accounts. The
entire investment program is structured three years in advance, he said.
Gas relations between Russia and Belarus are currently based on an agreement signed on April 12, 2002, according to
which Belarus's only partner in this sphere is Gazprom, Semashko said. He said that agreement has already been
reached with the Russian side to set up a company with equal participation, which indicates a desire to reach a
compromise. Previously Belarus insisted on a controlling stake of 50% plus one share.
Semashko said that the Russian government has acknowledged the right of the Belarussian government, as the owner of
Beltransgaz, to carry out an evaluation of the company's market value. An independent evaluator has already been
appointed. However, if after the evaluation Gazprom still insists on the balance-sheet price, Belarus retains the right
to announce an international tender for the company, the deputy prime minister said. [RU ASIA EUROPE EEU EMRG BY IPO ENR
TRD NGS CORA CZ SK MRG STX] rd RTS$#&:
[Interfax] |
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