01 June 2004 05:56
State needs $5 bln to increase Gazprom stake (Part 2)
NOVY URENGOI. June 1 (Interfax) - The Russian government needs about $5 billion to increase its 38.37% stake in
Gazprom to a controlling interest, Gazprom executive Olga Pavlova said at a meeting with company shareholders in Novy
Urengoi.
In response to a question about the possibility of increasing the state stake in Gazprom, Pavlova said that 16.5% of
Gazprom shares are on the balance sheets of subsidiaries, and these shares could potentially be offered for sale and
acquired by the state. "However, she said that to acquire these shares at market value the state would need about
$5 billion, which has not been included in the budget.
Speaking about the structure of Gazprom shareholder capital, Pavlova said that as of May 7, 38.87% of Gazprom
belonged to the state, 36.28% - to corporate entities, 13.85% - to private investors and 11.5% to foreign investors.
Economic Development and Trade Minister German Gref announced earlier that the state plans to increase its stake in
Gazprom.
"There are such plans, but I cannot say how and in what form this will happen," he said.
Gazprom CEO Alexei Miller also said that the state stake in Gazprom should be increased. "The role of the state
should grow, keeping Gazprom whole is important if Russia plans to compete with leading foreign players," Miller
said. [RU EUROPE ASIA EEU EMRG ENR ELG NGS STX] rd cf
[Interfax] |
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