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Main page > Comments > Fuel & Energy > Gazprom ready to cede NOVATEK to Gennady Timchenko
Gazprom ready to cede NOVATEK to Gennady Timchenko
Gazprom is reported to be structuring a deal on exchanging up to 10% in NOVATEK, Russia`s major independent natural gas producer, for a 51% stake in Sibneftegaz belonging to Gazprombank. According to media reports, the sides are planning to close the deal in June. These developments were quite expected. Russian-Finnish businessman Gennady Timchenko believed to enjoy favor of Vladimir Putin has been expanding his business actively lately. In addition to development of oil and gas assets, the entrepreneur successfully facilitates promotion of his protégés to top government posts in the Yamalo Nenets and Khanty Mansi autonomous areas, as well as diversifies his business investing in different spheres from mineral water to airports.
Timchenko`s expansion now enables him even to patronize those top managers who have failed to build (or improve) relations with other major administrative and political players, e.g. a recent appointment of Rosneft head Sergey Bogdanchikov`s son to NOVATEK can be mentioned in this regard. Thus, current changes in the shareholders` structure of NOVATEK are just part of a general tendency. In late 2009 the government`s commission for foreign investments approved the purchase of new shares in NOVATEK by Timchenko`s firms. According to federal anti-monopoly service head Igor Artemyev, the businessman will have a 23.5% block of shares in the company after the deal is completed. Gazprom retained about 19%. Now the concern is ceding at least half of its stake in the asset exchange deal. On the whole, there is no other way out for Gazprom CEO Alexey Miller`s team - they obviously realize they will not be able to gain back control over NOVATEK. This is why it is better to get at least some "compensation". Yet, one cannot be sure that they will really get compensation. There is a possibility that expansion of Timchenko`s business empire will make Gazprom abandon Sibneftegaz too.
By Stanislav Mitrakhovich, NESF leading expert
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