“Slavneft” Taken Over By New Proprietor :: Charter'97 :: News

An auction on selling the state-owned stock (74,95%) of the “Slavneft” company will be run in Minsk by the Russian Foundation of federal property. The deadline for accepting applications for the bidding expired on December 15.

The Russian budget, as forecasted by the RFFP, will earn no less than 40,4bln rubles on selling the shares of the petroleum company. As said by the Foundation’s head Vladimir Malin, the afore-mentioned sum “is a normative cost, cheaper than which the state stock of “Slavneft” shares cannot be sold at all”. Meanwhile, underscored he, the starting price, with which the bidding will begin, constitutes 1,7bln rubles. In the aftermath of the auction, in course of 5 days they will sign a concomitant contract with the victor. “The maximum period of payment for the stock expires on February 15, 2002, after which the deal will be considered finished,” – emphasized Malin.
The Ministry of the property relations referred to the “Slavneft” sale as a “privatization event of the year”. Deputy Minister Alexander Braverman stated that as a result of the bargain the government hopes to raise the manageability of the company and maximize the incomes into the federal budget. Among the auction’s bidders are such Russian giants as “Sibneft” and the “Tumensky petroleum company”. The Chinese national petroleum company, which has previously stated its intentions to engage in the auction, changed its mind and didn’t take place in the bargaining.