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Gazprom OAO to Acquire 100% in Kyrgyzstan's Monopoly Natural Gas Supplier-Interfax


Wednesday, 17 Jul 2013 04:43am EDT 

Interfax reported that Russia and Kyrgyzstan will write up an interstate agreement in the coming weeks on the privatization sale to Russian Gazprom OAO (Gazprom) of Kyrgyzstan's sole gas transportation company, KyrgyzgazProm LLC, which has received all the assets of OJSC Kyrgyzgaz. The state will sell Gazprom 100% of KyrgyzgazProm, which was formed at the end of June, not the 75% state stake in Kyrgyzgaz. However, Gazprom will acquire all the property and liabilities of the latter, Kyrgyzgaz chief Turgunbek Kulmurzayev said at a press conference. After it is signed, the agreement will be subject to parliamentary ratification. Charter capital in KyrgyzgazProm amounts to 1.063 billion som, which was the value of Kyrgyzgaz fixed assets and intangible assets as of June 1, 2013. Other property will be entered onto KyrgyzgazProm's book at the value on the date of transfer. Kyrgyzgaz itself remained empty. Final agreement on privatization of the state stake in Kyrgyzgaz was reached on December 20, 2012 at a meeting between Kyrgyz President Almazbek Atambayev and Gazprom CEO Alexei Miller. It was then that Gazprom's plans to acquire all shares in Kyrgyzgaz, not just the state's 75% stake, were disclosed. Deloitte & Touche valued at the company at just $1 due to its debt burden. However, the Kyrgyz president said a number of times he was in favor of privatizing Kyrgyzgaz for a symbolic price for the sake of stable gas supplies to consumers.