Metropol to manage Gazprom's subsidiary
Gazprom has handed a controlling stake in its debt-laden subsidiary Zapsibgazprom to the Metropol investment firm, the gas giant said Wednesday.
The Russian gas monopolist says the transfer is aimed to put the company with 700 million ruble ($30 million) debt back on track. Analysts believe that Gazprom is preparing Zapsibgazprom for sale. 79.7% in Zapsibgazprom is to be run by Metropol, Gazprom said in a statement on Wednesday. Gazprom's board passed the decision at a meeting on July 5, citing financial revival for the company as an official reason. The board also elected Vladimir Zavyalov president for Zapsibgazprom while Sergey Badyuk was appointed director general.
A Kommersant source in Gazprom said Badyuk is affiliated with Metropol, which proved decisive in choosing the asset manager. Tyumen-based Zapsibgazprom operates 40 enterprises which supply households and heating firms with gas. Zapsibgazprom is known for its part in a conflict between Gazprom and Itera over control for one of Russia's largest Yuzhno-Russky deposit. Zapsibgazprom held the license for the deposit before 1998.
The conflict left the deposit in the hands of Gazprom which is now developing the project with BASF and E.ON. Zapsibgazprom currently has 700 million rubles in debts. In the quarter ending in March, the company's dead loss was 326 million rubles ($12.8 million) with revenue slightly less than 261 million. Alexander Ryazanov, former deputy chair of Gazprom's board, said last spring Zapsibgazprom may soon change hands. Industry analysts say that Metropol is likely to be looking for a buyer for the company. (kommersant.com)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.