Moscow press review for October 17, 2011
MOSCOW. October 17 (Interfax) - The following is a digest of Moscow newspapers published on October 17. Interfax does not accept liability for information in these stories.
VEDOMOSTI
Gazprom CEO Alexei Miller asked Prime Minister Vladimir Putin to remove the deals of the gas monopoly and its subsidiaries from under control over transfer pricing in a letter dated September 27 which Vedomosti got hold of. Miller asked Putin to influence the Finance Ministry so that it would make amendments to the Tax Code implying the advance recognition as market deals of transactions involving Gazprom itself and the affiliates in which it owns over 50%, if they are involved in gas extraction, transportation or sale in Russian territory. Putin give instructions to consider the proposal. The government is expected to receive a reply from the Finance Ministry, the Economic Development Ministry and the Energy Ministry by October 21. ("Gas without Control")
Gennady Timchenko is selling 26% in the Neva Pipeline Company (NTK) to Transneft, two people close to both sides of the deal have told Vedomosti. A structure of the monopoly will become the owner of the stake in NTK and Cyprus-based Capefar Ltd offshore company (a member of the Gunvor group) will act as the seller. The Vedomosti sources did not disclose the sum of the deal. One of them said that the agreement may be signed within days. Official representatives of Transneft and Gunvor refrained from making any comments. ("Transneft will buy Veto Right")
After renouncing the IPO the key owners of Chelpipe Andrei Komarov and Alexander Fyodorov again pledged 82% of the company shares with banks. The company announced that the 82.1% in Chelpipe that they own are in pledge in its IFRS report for H1. The securities are used as collateral for loans from Gazprombank, Sberbank and the Bank of Moscow extended in 2009-2010. At the end of last year the size of the collateral was smaller at 63.2%. According to a company representative, there is no question of a margin call or breach of covenants. Part of the shares were withdrawn from collateral fro the IPO that was planned last year but "due to the renunciation of the placement the shares were returned to collateral." (Pipes in Pledge")
KOMMERSANT
The enforcement of new rules of nondiscriminatory access to Transnefteprodukt pipelines approved by the Cabinet last March resulted in all small companies dropping out. While in 2011 Transnefteprodukt had 187 customers, only nine monopolies succeeded in signing contracts for 2012. Transneft owning Transnefteprodukt claims that all companies wishing to bid had such an opportunity while the reduction of the number of contracts stems from the introduction of the pump-or-pay principle that removed "unconstructive mediators" from the market. (p. 6 "Special List Access")
The biggest Russian engineering and construction companies - Arkady Rotenberg's Stroygazmontazh and Gennady Timchenko's Stroytransgaz - may get a state-owned competitor. Kommersant has learned that the Federal Property Management Agency (Rosimushchestvo) is planning to transfer 51% in VNIPIneft designing company to VEB Engineering. On the basis of the asset the state-owned bank plans to set up a major company offering services to oil and gas processing companies. (p. 11 "VEB dips into Oil and Gas")
Before Rosimushchestvo has set the date of a repeat auction for shares of port Vanino the port's minority shareholder, Oleg Deripaska En+ Group, is trying to assume control over its day-to-day operations. Kommersant has learned that En+ addressed the federal agency with the request of changing the port management and proposed its candidate to the post of general director. According to En+, this should improve the port's financial indicators and increase its price ahead of the new auction. However, Kommersant sources say that the state considers selling a stake below controlling which will not make it attractive for anyone but En+. (p. 9 "Oleg Deripaska gets down to Port")
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