04 June 2004 06:00
Interros blocks Rusia Petroleum share issue (part 2)
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.
"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.
"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,
The Interros press service told Interfax that Interros blocked the decision to additionally issue shares because it
considers that at this stage it is more expedient to attract credits, than for shareholders to finance the company.
Also, Interros is not against selling its share in Rusia Petroleum to an outside investor.
The TNK-BP press service said earlier that the company does not plan
to buy the Interros stake, as TNK-BP, which owns almost 63% of Rusia
In an interview with Interfax, Interros Deputy General Director Sergei Alexashenko refused to comment on progress in
talks for the sale of the Interros stake. "We do not comment on deals that have not taken place and rumors,"
he said.
Vekselberg said that the TNK-BP would find all the resources to prevent the project from halting and to develop it
according to plan.
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.
Petroleum, is already able to control its activity. This position has not changed.
Vekselberg said that at the moment Rusia Petroleum is being credited
by a number of banks and that one of the main creditors is Sberbank of
However another minority shareholder - the Irkutsk administration, has also announced that it is ready to sell its
share in the company and said that Gazprom might be the buyer.
Gazprom is currently involved in talks with TNK-BP regarding inclusion in the project to develop the Kovykta field.
Vekselberg hopes that this issue will be decided by the end of the year.
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.
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.
not yet have any information about what position Interros will adopt
regarding the additional issue at the annual meeting of
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
Verkhnechonskneftegaz shareholders on June 30.
AO Verkhnechonskneftegaz plans to raise $19 million from an additional share issue.
The largest shareholder in AO Rusia Petroleum is TNK-BP (about 63%), Interros (25.82%) and the Irkutsk region
property committee (10.78%). [RU ASIA EUROPE EEU EMRG CORA STX ENR ELG NGS GB WEU] rd RTS$#&:
[Interfax] |
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