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News // Russia

Rosukrenergo Needs to Buy Out Ukrainian Gas Firms Assets

11 September 2006 , 09:531339
Russian-Ukrainian gas transporting joint venture Rosukrenergo's executive director Konstantin Chuichenko approved the evaluation of assets made out by Ukrainian Aval Bank for seven regional gas firms of Ukraine.

The evaluated stakes are controlled by Continium of Ukrainian businessman Igor Yeremeyev and RUE needs the appraisal to buy them out and set up a distributor network in Ukraine to sell the gas there.

Therefore, RUE will probably pay $15.1 million at the maximum for 42.6 percent in Livovgaz, while the 40.75 percent in Ivano-Frankovskgaz and 52.4 percent in Chernigovgaz are evaluated at $16.6 million each. Each of two stakes ? 55.58 percent in Volyngaz and 56.72 percent in Chernovtsygaz ? averages $6.5 million, 60.03 percent in Zakarpatgaz is priced at $10.3 million and 21.41 percent in Rovnogaz costs $1.9 million.

But the evaluation given by Ukrainian analysts is at least $20 million higher in worth. ?Of all, the most expensive asset is Zakarpatgaz, which majority stake could be evaluated at $17 million to $18 million,? said Pavel Kachur, oil and gas analyst of R&L Investments. ?The remaining stakes could be valued much cheaper, but the aggregate price could reach $90 million.?

At present, it is Continium-Trust of Igor Yeremeyev that controls the evaluated stakes. A source with Continium said the company and RUE?s co-owner Dmitry Firtashev have been negotiating the sale for more than a month already.

A source close to Gazprom said RUE is willing to buy out the stakes from Igor Yeremeyev to contribute them to Ukrgaz Energo (50/50 owned by Naftogaz Ukrainy and RUE), while the ultimate purpose to attain is establishing a distributor network to sell gas on domestic market of Ukraine.

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