State-owned companies in the privatization of fit – Kommersant

As found “b”, “Tatneft” has become another state-owned company, to apply for privatization of “Bashneft”. In addition to her interest in the asset it has already shown “Rosneft” and the Russian Direct Investment Fund, which is ready to attract foreign trade partners. According to lawyers, the legitimacy of privatization deals with companies with state participation depends on the interpretation of the law, but hardly meets the original intent of replenishment.

“Tatneft” has applied for the privatization of “Bashneft” investment consultants who act “VTB Capital,” said “Y”, two sources familiar with the deal. In the most “Tatneft” and it does not comment on VTB. The government plans to sell this year, 50.08% of the share capital of the company. In addition, according to “Kommersant”, the application is filed and the little-known “Tatneftegaz”.

Production of “Tatneft” in the past year amounted to 27 million tons of oil. Net profit for the last year of IFRS -. About 99 billion rubles and 553 billion rubles revenue. “Bashneft” in 2015 produced 19 million tons of oil. The company’s revenues – 611 billion rubles, net profit of 58 billion rubles

Source: “b” in the industry believes that in the current situation “Tatneft” will be difficult to find.. about $ 4 billion to “Bashneft” purchase, according voiced plans Tatar companies in the coming years. So, in 2017 the company has to modernize oil refining complex TANECO, which is planned to spend 196 billion rubles. However, “in” Tatneft “and” Bashneft “has long had plans to create a unified cluster, given their proximity and similar characteristics of the product”, said Vitaly Kryukov of the Small Letters, noting that “Tatneft” and is now a need for new power processing. Although the Bashkirian refineries are not suitable for processing heavy oil Tartar (she “Bashneft” confuses its heavy crude oil from Western Siberia, mainly LUKoil), but you can come up with an effective swap scheme and redirect the flow, he said.

Privatization “Bashneft” especially sharply raised the question of whether companies with state participation may be present in such transactions, as well as in general on the status of state-owned companies in the fuel and energy sector. In February, President Vladimir Putin formulated the basic rules of the new privatization, saying that the assets should go in “private hands”. In particular, so in early summer the most likely contender for the “Bashneft” has been LUKOIL. Nevertheless, the president’s words have not prevented “Rosneft” to apply for participation in the privatization. Other contenders for the asset – Russian Direct Investment Fund (its founder is the VEB) with foreign partners (see “Kommersant” on July 26th.), As well as NOC Eduard Khudainatov.

According to the law can not buy privatized property companies in which the Russian Federation, region or municipality directly holds more than 25%. Formally, this does not apply to “Rosneft” and “Tatneft”, as the Russian Federation and Tatarstan hold shares through a SPV-company ( “Rosneftegas” and “Svyazinvestneftekhim”). “Technically, they do not violate the requirements of the law on privatization, but in reality the state exercises indirect control over these companies,” – says Catherine Bibikov from the Bar “Yukov and partners.” According to counsel, their participation is debatable, since the privatization will be meaningless: “The goal of privatization – to attract the largest possible number of private investment The question arises: how a private investor can compete, for example.” Rosneft “?”

In addition, says Catherine Bibikov, from other participants may have questions on what grounds a state-owned company is involved in the privatization of other state-owned companies, and does not this violate the law “On Protection of Competition “. From the judicial practice of clear conclusions about such cases can not be done, it emphasizes the lawyer Denis Durashkin BGP Litigation. He recalled that in 2010 the EAC decided that the Savings Bank is not entitled to be a buyer of privatized property, because the state is involved in its share capital through the Central Bank. However, introducing such a decision, based on YOUR special law on the status of the Central Bank.

Trying “Rosneft” to participate in the privatization displeased Deputy Prime Minister Arkady Dvorkovich, who, according to “Kommersant”, in connection with the management of the Federal Property Agency criticized. However, the interlocutors “b” agree that this issue will be resolved exclusively by the president, whose position is unclear until the end. Thus, the president’s press secretary Dmitry Peskov limited streamlined wording: “understanding is that direct public companies can not take part” in the privatization, but “Rosneft” formal “is not a state-owned company.” “But, of course, there are different points of view in this regard”, – said Mr. Sands. Although the majority of respondents’ b “market participants are confident that state-owned companies will participate in the privatization of” shifting funds out of pocket in the pocket, “privatization” Bashneft “is gradually becoming not just an economic issue, as an indicator of the impact of major industry players.

Dmitry Kozlov, Andrei Paradise