Oil Company RussNeft OAO is ready to pay $100 million to Yukos for 49% stake at Slovakian Pipeline Company Transpetrol, as RussNeft President Mikhail Gutseriev told the Oil Information Agency. According to him, this sum is justified as it equals the cost value of the stake at the company.
In 2001 Yukos (РТС: YUKO) bought this 49% stake at the pipeline company from the Slovakian Government having paid $74 million for it.
As already reported, RussNeft is interested in buying Transpetrol possessing the portion of Druzhba pipeline passing over Slovakia. This interest is accounted for by the fact that RussNeft annually delivers nearly 3 million tons of crude oil to Slovakia which covers almost 50% of the country’s requirement.
Facing the many-billion back tax claims Yukos was not able to fulfill its commitments on long-term crude oil deliveries related to Transpetrol. Neither could Yukos sell this asset as it was arrested.
Slovakian Economics Minister Zharko Malkharek discussed the issue on the sale of Yukos’ share at Transpetrol with Russian officials. Economic Development Deputy Minister Andrei Sharonov said that the Government supported RussNeft as a candidate for buying Yukos’ share at Transpetrol. According to him, the Economic Development Ministry sent a respective letter to the Government of Slovakia. Moreover, Zh.Malkharek and head of Yukos Steven Theede agreed they were not going to hamper the progress of the deal on the sale of the stake.
The Government of Slovakia which is entitled to choose a strategic investor for Yukos’ share, in accordance with the privatization contract, is going to send its recommendation to Yukos as soon as RussNeft completes its due diligence and applies to the Slovakian Government for official approval.
