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Grodna Azot and Integral to be sold to Russia by end of year

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Grodna Azot and Integral to be sold to Russia by end of year

Belarusian enterprises may be integrated with Russian companies in the nearest months.

First deputy prime minister Uladzimir Siamashka said it to journalists after a joint session of the “house of representatives” and the “council of the republic”, BelTA reports.

“I think the Grodno Azot deal is almost ready,” Uladzimir Siamashka said. According to him, a range of current problems was outlined at a recent a meeting with a potential partner. The parties minimised some significant differences. An intergovernmental agreement is under way. The next meeting to discuss the project implementation is scheduled for November 14-15. “There are certain issues that can be solved only by the Russian government,” Uladzimir Siamashka said.

The parties are about to take a decision on the OAO Integral project.

According to previous reports, the tender to find an investor for the state's stake in Grodno Azot scheduled for July 29 did not take place due to the absence of bids. Earlier, four Russian companies, including Rosneft, Gazprom and EuroChem, were showing interest in Grodno Azot's equity stake.

The investor is supposed to sign an investment contract with the government to construct a new nitrogen facility and finance the project until 31 December 2019 using the existing infrastructure of Grodno Azot for its implementation. The project provides for the construction of an ammonia shop with the output capacity of 875,000 tonnes per year, a carbamide shop (1,190,000 tonnes per year), and the main hydrogen plant (200 million cubic metres per year).

The Ruselectronics holding company is going to invest in the development of joint production of microelectronics with Intergral. It was said in April 2014 that an independent assessment of the market value of Intergral's shares would be carried out upon approval of the parties. It is planned that as a result of an additional emission, the share of Ruselectronics in Integral authorised fund will be at least 51%. The British consulting company Ernst & Young was invited to evaluate the company's shares and perform the necessary assessment procedures.

A memorandum of understanding provides for a possibility of giving Integral's controlling interest to Ruselectronics. The Russian party is ready to invest in the development of joint production of microelectronics. The memorandum provides for merging the research and development and manufacturing potential on mutually beneficial terms and the joint implementation of investment projects carried out by the Russian company within the framework of government programmes.

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