Transneft increases stake in electric motors JV with Konar to 90%

CHELYABINSK. April 2 (Interfax) - Transneft has increased its share in the charter capital of its joint venture with the industrial group Konar - JSC Russian Electric Motors (RED, Chelyabinsk, specializing in the production of electric motors for trunk oil and petroleum product transportation facilities) - from 51% to 90%.

According to RED's 2024 financial statements, Transneft Technologies LLC owns 90% of its charter capital, while the remaining 10% belongs to Invest Ural LLC (formerly Konar-Invest, affiliated with Konar). According to its 2023 report, Transneft Technologies held 51% of RED's charter capital, while Konar-Invest owned 49%.

RED said that over the past year it conducted a closed subscription for an additional issuance of 3.6 million ordinary shares, each with a nominal value of 1,000 rubles.

The terms of the closed subscription have not been disclosed. However, the shares, with a payment deadline set for December 1, 2024, were "fully paid in 2024 within the designated timeframe," the company said. The report on the additional issuance was registered on January 27 this year.

RED's charter capital at the beginning of 2024 was 100 million rubles (100,000 ordinary shares with a nominal value of 1,000 rubles). After the additional issuance, it increased to 3.7 billion rubles, a 37-fold increase. According to the Unified State Register of Legal Entities, the corresponding changes were registered in the registry on March 26 this year.

Russian Electric Motors was established to produce high-voltage electric motors. The company was founded by Transneft in partnership with JSC Konar in 2015, with the participation of technological partner Nidec ASI from Italy. The plant was launched in 2018 and has an annual production capacity of up to 300 electric motors with power ratings of up to 14 MW for trunk and booster pump units, with the potential to expand its product range up to 45 MW.

The Konar group specializes in metalworking, pipeline valve production, and general construction. It manufactures products for the oil and gas industry, shipbuilding and energy sectors. Its main production facility is the Stankomash industrial park in Chelyabinsk. The group's enterprises are divided into two divisions, foundry-forging and mechanical.

According to Konar, the company's beneficiary is its general director, Valery Bondarenko.