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LUKOIL has closed the sale of its units in Ukraine Austrian investment company AMIC Energy Management. According to RBC, Sales Director at AMIC worked in Eastern structures of LUKOIL, and two representative – in the Austrian OMV.
The intention to sell 240 gas stations and oil depots six belonging “LUKOIL-Ukraine”, the Russian company said on July 31, on Monday signed an agreement to sell them. The talks were held at the initiative of the buyer – AMIC Energy Management (100% owned by the parent company – AMIC Energy Holdings). On the Austrian side of the deal could trigger director of retail sales “daughter» AMIC Robert Noveck, who until August of this year, served as director of the Czech office RETAIL LUKOIL.
His people in Prague
Noveck moved to the structure of LUKOIL, when the Russian company has acquired retail assets from the American ConocoPhillips. In 1997 he took up the post of sales manager in «ConocoPhillips-Poland”, and by 2000 he became a member of the Board and was responsible for RETAIL, according to his profile on LinkedIn. In Poland, he joined Conoco in LUKOIL, where he became deputy CEO. In this position, he worked for almost three years and moved to the Czech branch of the Russian oil company, where he continued to engage in RETAIL in Central and Eastern Europe and the Benelux countries.
Noveck worked in this position for nearly seven years, but this summer went to term vacation for two weeks, told RBC source “LUKOIL-Czech Republic.” “Until mid-July he was on vacation, and in the last days of the month has left – he said. – On leaving Noveck we learned of his July 24 letter to the corporate e-mail. ” “After that, he had a few days to come to the office to issue the dismissal. Since early August, has not been seen “- the source added.
« Noveck specializes in retail is in Central and Eastern Europe. It is logical that he moved to another company after the assets, “- said the Russian subsidiary of Lukoil employee, who requested anonymity.
Do not try for yourself
Say that LUKOIL sells Ukrainian assets to your manager, can not be considered an employee of LUKOIL. “It seems to me that the actions of AMIC Energy Management Cost Austrian company OMV, and not LUKOIL. Do not be surprised if in the near future OMV co-investment projects AMIC Energy Management – a great opportunity to get the Ukrainian assets without coming into contact with the Russian side, “- he says. According to him, because of the sanctions against the Russian direct deal could damage the reputation of the Austrian corporation.
On the question of the amount of the transaction, RBC and causes interest Ukrainian assets Lukoil representative AMIC Energy Management did not respond. Managing Director of AMIC Energy Management Günter Meyer called the purchase “LUKOIL-Ukraine” “strategically important step for the creation of a portfolio of investment assets AMIC in Central and Eastern Europe”, a project in Ukraine – “long-term” [quote from the press release Lukoil].
«These assets can be estimated at $ 250 million – said analyst Andrey Polishchuk Raiffeisenbank – such a price would have been if the transaction took place in Russia.” But given the unstable political situation in Ukraine a discount on the transaction could be from 20 to 90%. A source familiar with the terms of the deal, told RBC that Ukrainian assets were sold at a slight discount.
The representative of LUKOIL transaction amount has not commented.
Power Energy and economists
the past, some managers AMIC associated with OMV – the largest in Central Europe, the oil company. Managing Director of AMIC Energy Management listed Günter Meyer, who began his career at OMV specialist and then became head of the department of renewable energy (in November 2011, left the company). Now a businessman engaged in several projects, and teaches students of the University of Upper Austria.
Chairman of the Supervisory Board of AMIC Energy Management is a well-known Austrian socialist politician Wolfgang Ruttenstorfer, which since 1992 has worked in top management of OMV (the company, he came in 1976). In 1997-1999 he served as Deputy Minister of Finance of Austria, and from 2002 to 2011 was chairman of the OMV. The current head of the group Gerhard Reuss was his deputy. After retiring from his post as head of OMV in May 2012 Ruttenstorfer joined the board of directors of the Serbian oil company NIS (56% owned by “Gazprom Neft”, 30% – the Serbian government).
AMIC Energy Holdings owned by three Austrian businessmen: 50 % – at Johanna Kletsl-Norberg, 40% – Manfred Kunze and 10% – Heinz Zernettsa.
Johann Kletsl-Norberg – Viennese lawyer, member of the Board of Directors of the Macedonian Bank Eurostandard Bank AD In addition, he is part of the supervisory board of the Austrian Heinzel Group – the company’s production of paper and pulp.
The second largest stake in the parent company AMIC – Manfred Kunze. He serves on the Board of Directors of Renault-Austria and the bank Societe Generale, owns a consulting business. You can call him an expert on retail sales of fuel: in 2002, he worked in the “group of refurbishment” filling station network of the Austrian company Avanti. According to the Austrian newspaper Kurier, «if earlier Kunze organized business of gas stations, but now he had a chance to become a co-owner of».
Zernetts Heinz, which owns 10% of AMIC Energy Holdings, since 1986 – the top-manager Bank Raiffeisen.
Overhead filling
A few days after the announcement of the impending deal for the sale of Ukrainian assets of LUKOIL said he intends to get rid of other retail assets – network of gas stations in the Czech Republic, Slovakia and Hungary. Such an agreement concluded with the Russian company MOL Plc. and Norm Benzinkút. The amount of this transaction is also not disclosed, but experts have estimated it at $ 80-130 million (this does not include the possible debts and liabilities).
«In Moscow every gas station could be estimated at $ 5,000,000, the same assets in Europe – is another matter. The maximum score of each gas station – $ 1 million, “- says the analyst of Gazprombank Alexander Nazarov. According to him, this amount is insignificant for LUKOIL. In 2006, over 376 gas stations in Europe LUKOIL paid $ 400 million. Then there came the assets in Belgium, Poland, Czech Republic, Finland, Hungary and Slovakia, the analyst explains, “VTB Capital” Alexander Donskoy.
He suggested that the actions of LUKOIL fit in its strategy to optimize its retail business. “According to our estimates, the business of the oil company in Hungary, the Czech Republic and Slovakia accounts for 4% of the international sales of retail products and 0.3% – of the total revenues,” – he said. Retail business in Europe has significantly lower margins than in Russia, experts summarize.
The same was said by a source in LUKOIL. In the field of marketing of petroleum products in Europe are very high logistics costs – that is, the company benefits include a gas station, where she has a refinery, he said. Now the company is developing a strategy of behavior in terms of sanctions, but the sale of foreign assets in its provisions are not included.
AMIC may also be interested in the assets of LUKOIL; at least Noveck knows exactly how to work the gas station company in the Czech Republic.
George Makarenko, Asya Sotnikov
August 11, 2014
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