Moscow press review for September 2, 2011
MOSCOW. Sept 2 (Interfax) - The following is a digest of Moscow newspapers published on September 2. Interfax does not accept liability for information in these stories.
VEDOMOSTI
RusHydro wants major consumers to pay more for power reserves. The real payments for power reserves in Russia are much higher than abroad, and consumers are paying too much for stable supplies, a UC Rusal spokesperson says. Moreover, major power enterprises having steady consumption patterns actually make the system more reliable and should be rewarded for this, while RusHydro's proposal would increase the burden exactly on this category, he said. ('Reserve To Grow In Price')
Gazprom's subsidiaries lost an equivalent of 28 billion rubles in 2009, which is nearly 4% of the company's investment program. This sum includes "unlawful expenditures and losses of money and material values," which the gas company's internal auditing service has uncovered in its subsidiaries. The auditors did not specify how this could have happened and what subsidiaries are to blame. The document says that Gazprom has not left the irregularities unnoticed: "a number of employees have been held materially and disciplinarily liable." Measures have been taken to eliminate irregularities and prevent them in the future, get back assets and recover "overpaid sums," and "work involving claims and lawsuits has been intensified," the report says. ('How To Waste Billions')
The Ukrainian state-owned energy provider Naftogaz will be reorganized. The Ukrainian government plans to separate a gas producing company from it, which will offer its shares on a stock exchange and draw investments, Prime Minister Mykola Azarov said on Thursday. The premier did not specify when this is going to happen and what stake investors could acquire, saying only that the state will retain a controlling stake in the company. Azarov suggested also that an IPO could help the company raise from $5 billion to $10 billion, which would enable Ukraine "to shift expenditures from the budget onto investors." Analysts are of the view that Gazprom does not need this asset for such money, but politicians may have a different opinion. ('Sale By Installments')
The separation of the business between Andrei Melnichenko and Sergei Popov is nearing completion. Melnichenko has bought part of SUEK from his partner, thus becoming a major owner of the coal company. The deal took place on August 31, a SUEK spokesperson told Vedomosti. Before this, Melnichenko and Popov held equal shares in the company; now Melnichenko has gained control of Russia's major coal producer, while Popov is currently holding a non-blocking stake. The SUEK representative did not specify the stake's size and the deal's worth. A source close to SUEK said Melnichenko bought Donalink shares from Popov, and now his share in this company is over 70%. ('Melnichenko Gathers Coal', see also Kommersant, page 8, 'Andrei Melnichenko Takes Coal Under Control')
WhoTrades Inc. a U.S. division of the Russian retail broker Finam, has become a full member of NASDAQ, Finam President Vladislav Kochetkov said. In addition to providing Russian clients with direct access to U.S. securities, the company will also start working with U.S. clients, whom Finam plans to attract by its low tariffs. ('Finam Crack Opens America')
Fiat will start distributing and servicing all its cars in Russia instead of the Sollers Group on January 1, 2012 under an agreement signed between the two companies, Sollers said in a statement. Not only will Fiat be selling its cars in Russia, but it will also supply spare parts and provide guarantee services to Fiat cars to be sold by Sollers before the end of 2011. ('Fiat Takes Up Wheel')
Boris Titov, a businessman and the chairman of the NGO Business Russia, has become the sole owner of the Abrau Durso winery. The businessman's organizations have bought 42% in the company from a territorial state unitary enterprise with the same name for 500 million rubles. ('Titov Buys More Of Abrau Durso')
KOMMERSANT
Rosneft may acquire access to financial flows of all Russian energy companies. Rosneft's subsidiary bank, the All-Russia Bank of Regional Development (VBRR), whose President Grigory Kurtser recently became board chairman of the Inter RAO UES instead of Deputy Primer Minister Igor Sechin, plans to become the sole payment center for the Russian energy sector. The matter so far implies primarily payments on the wholesale electricity market, whose annual turnover averages 1 trillion rubles. Until lately, this money has passed through Alfa Bank . (Page 1, 'Rosneft Takes Energy Sector Into Account')
Gazprom Neft has started consolidating its business in the Orenburg region by acquiring another asset there, the High Technology Center, the holder of a license to develop the Tsarichanskoye mineral field, whose oil deposits have been estimated at 25 million tonnes. While this project cannot be considered large in itself, the company is to acquire the license to develop the Orenburg gas condensate field containing nearly 100 million tonnes of oil from Gazprom in mid-September. (Page 9, 'Gazprom Neft Will Overflow in Orenburg Region')