04 June 2004 01:49
Interros blocks Rusia Petroleum share issue
IRKUTSK. June 4 (Interfax) - The holding company Interros blocked an additional share issue by Kovykta operator Rusia
Petroleum at the latter's AGM on Friday, Rusia Central Bank Victor Vekselberg said at a press conference.
Interros owns 25.82% of shares in Rusia Petroleum.
Vekselberg said that at the moment Rusia Petroleum is being
credited by a number of banks and that one of the main creditors is
"All the main shareholders voted for increasing the charter capital - TNK-BP, Irkutsk region and also minority
shareholders. Only Interros voted against. It is difficult for me to talk of Interross's motives," Vekselberg
said. He said that the only source of financing for the Kovykta project is funds from shareholders, and the Interros
refusal to participate in the issue puts Rusia Petroleum in a difficult position.
"TNK-BP will find all the resources to prevent the project from halting and to develop it according to plan. We
will look for credits. We are very worried about the situation within the joint stock company. Until the last moment we
hoped that Interros would reconsider its decision about the additional issue, especially as the issue was not very big.
The Interros refusal to buy the shares creates a not very healthy relationship between shareholders. While TNK-BP and
Irkutsk region are interested in developing the project, Interros declared its position as a portfolio investor and
refused to buy the shares. We respect their right and will act in strict compliance with the law. I hope that this
decision will not reflect on the image of Rusia Petroleum," Vekselberg said.
Rusia Petroleum planned to attract $44 million from an additional share issue, to be spent on company development in
2004-2005. Interros announced in 2003 that it plans to sell its stake in Rusia Petroleum.
Sberbank of Russia. "If Rusia Petroleum does not find the possibility of attracting credits from banks, TNK-BP
is ready to find the possibility of attracting the necessary credit," he said.
In turn, Rusia Petroleum General Director Valery Pak said that he considers Interros's policy to be
inconsistent, as at a meeting of the Rusia Petroleum board of directors it voted in favor of the company's budget
for 2004 of $44 million.
Speaking about plans for an additional share issue by AO Verkhnechonskneftegaz - whose shareholders are shareholders
in Rusia Petroleum - Pak said that Interros voted in favor of the Verkhnechonskneftegaz issue at a board meeting
TNK-BP Vice President Alistair Ferguson told journalists TNK-BP does not yet have any information about what position
Interros will adopt regarding the additional issue at the annual meeting of Verkhnechonskneftegaz shareholders on June
30.
AO Verkhnechonskneftegaz plans to raise $19 million from an additional share issue.
The largest shareholder in AO Rusia Petroleum is TNK-BP (about 63%), Interros (25.82%) and the Irkutsk region
property committee (10.78%). [RU EUROPE ASIA EEU EMRG STX ENR ELG NGS] rd <>
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