Business Services Industry
NEWS SERVICE SAYS GOVERNMENT READY TO SELL COMPANY FOR FRACTION OF BOOK VALUE
Info-Prod Research (Middle East), October, 2004
Citing unidentified government sources, Interfax reported on 14 October that the government plans to sell 76.8 percent of Yuganskneftegaz at a 60 percent discount to the already-low value of $10.4 billion that the Justice Ministry has accepted as the price of the company. The report said the stake will be sold for $3 billion- $4 billion.
"If this report is true, it would seriously hurt the credibility of the government," Hermitage Capital Management CEO William Browder told "The Moscow Times" on 15 October. The Interfax report also stated that "a company close to Gazprom" will likely participate in the Yuganskneftegaz tender, although Gazprom officials have repeatedly denied the company intends to bid. Gazeta.ru, citing an unnamed government source, speculated that Gazprom's...
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