Moscow press review for June 21, 2011
MOSCOW. June 21 (Interfax) - The following is a digest of Moscow newspapers published on June 21. Interfax does not accept liability for information in these stories.
VEDOMOSTI:
In the Russian-Chinese dispute over the oil price Rosneft is a scapegoat. Vedomosti has learnt that another state company - Transneft - is not paying it for raw material bought for China, citing the lack of payments from the consumer. Transneft owed to Rosneft around $26 million, sources close to both companies told Vedomosti. If debts are not repaid, Transneft will demand money through a court, said a source close to the monopoly. The company is already preparing lawsuits to a London court. So Transneft may not have to fear legal claims from Rosneft: the oil company is not going to demand debt redemption from a transport monopoly, said a source close to Rosneft. "Transenft is our partner, we trust it. Besides, the debt is not Transneft's fault," he said. ("Transneft shares debt")
Europeans will pay to Gazprom for preferring another, cheaper gas over its commodity. The company will get $3.4 billion for the fuel not taken in 2009-2010. These figures were announced on Monday by Gazprom deputy CEO and Gazprom Export General Director Alexander Medvedev. "Virtual" gas export to Europe in 2009 stood at 4.1 billion cubic meters: Gazprom received $1.1 billion for it in 2010, and is expecting another $100 million from the Czech Republic, the company official said. The company received $1.1 billion in proceeds from "virtual" sales in 2010 (7.2 billion cubic meters) between December 2010 and May 2011. Another $1 billion is expected from the Turkish state company Botas no later than the third quarter. This money is transferred to Gazprom because its long-term contracts are based on the take or pay principle. ("Billions out of thin air")
Russian Railways applied for the acquisition of 50% plus one share in Poland's national cargo carrier PKP Cargo, a company official told Vedomosti without elaborating. PRP Cargo is Poland's largest carrier (56% of the market) and second larges in the EU after Deutsche Bahn. The finance ministry added the company to the 2008-2011 privatization plan. Polish media outlets said that 50% plus one share in the carrier are estimated at $710 million. The company itself could be worth $3.5 billion, depending on the condition of its fleet, said Yelena Sakhnov, an analyst at VTB Capital. At least ten companies are eyeing the asset, said Bloomberg, citing the PKP chief Maria Wasiak. ("Train to Poland")
KOMMERSANT:
Inter RAO UES is set to acquire and swap for its securities 75% shares in Quadra . Officially, 50% could be sold by Mikhail Prokhorov's Onexim, and another 25% has to be collected from other shareholders. But even this share can be indirectly controlled by Onexim which has been in active talks since 2009 with minority shareholders who demanded the execution of an offer to buy their shares. In case of a swap of 75% in Quadra for the Inter RAO securities, with a control premium one can get over 5% share in the energy corporation. (page 9)
Ex-Duma member Alexander Lebedev is set to distance himself from his controlled banking business. The majority stake in the National Reserve Bank (NRB) could be transferred in beneficiary ownership. The scheme, which is unique for Russian bank owners, most likely aims to limit the risks of the NRB majority shareholder, experts said. (page 8, Trust-based bank)
The government's desire to speed up introduction of 4G communications in Russia could affect the income of mobile operator MTS . It warned investors that "for political or other reasons" it might have to develop a 4G network "on commercially unfavorable conditions" (page 7, "MTS gets into a net of increased risks," also Vedomosti - "Political risk of MTS").