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ALROSA discusses with potential parties for OAO NNGK share acquisition
18 Jul '05
2 min read
Russian diamond maker ALROSA Co Ltd announced it has no intention to acquire any share in OAO NNGK Sakhaneftegas.Early this year the government of the Republic of Sakha (Yakutia) proposed to the management of ALROSA to consider a possibility of acquisition of the oil and gas assets owned by Sakhaneftegas, and primarily its stake in OAO Yakutgasprom.
ALROSA immediately initiated a study of such investment prospects and entered into negotiations with potential parties to this deal, in particular, with representatives of Sakhaneftegas shareholders.
Diversification of Company's activity was strongly recommended by ALROSA's major shareholders – the Russian federal government and the government of Sakha (Yakutia) as part of long-term development strategy. Besides ALROSA already operates in the oil and gas industry through its subsidiaries ZAO Irelyakhneft and OAO ALROSA-Gas.
Negotiations with all representatives of Sakhaneftegas shareholders were successful, however its management initiated a questionable issue of Yakutgasprom shares leading to the loss of control over the latter by Sakhaneftegas and, consequently, inflicting material property damage on Sakhaneftegas shareholders.
The management of ALROSA finds it unacceptable to enter into this dubious deal that will imminently lead to lawsuits by current Sakhaneftegas shareholders and demands to repay not only Yakutgasprom but also Sakhaneftegas liabilities.
YUKOS established a new wholly-owned subsidiary to provide for more effective management of all its downstream operations under a single roof. The new entity, ZAO YUKOS RM (Refining & Marketing), is charged with modernizing and managing YUKOS' refining and marketing activities.
ALROSA Co Ltd is a closed-type joint-stock company, successor to the enterprises, organizations and divisions of the former YakutAlmaz Association, Committee for Precious Metals and Precious Gemstones (Gokhran of the Ministry of Finance of the Russian Federation) and the Almazjuvelirexport Foreign Trade Association specialized in sorting, initial processing and supply of rough diamonds which were incorporated into the Company's structure.
ALROSA immediately initiated a study of such investment prospects and entered into negotiations with potential parties to this deal, in particular, with representatives of Sakhaneftegas shareholders.
Diversification of Company's activity was strongly recommended by ALROSA's major shareholders – the Russian federal government and the government of Sakha (Yakutia) as part of long-term development strategy. Besides ALROSA already operates in the oil and gas industry through its subsidiaries ZAO Irelyakhneft and OAO ALROSA-Gas.
Negotiations with all representatives of Sakhaneftegas shareholders were successful, however its management initiated a questionable issue of Yakutgasprom shares leading to the loss of control over the latter by Sakhaneftegas and, consequently, inflicting material property damage on Sakhaneftegas shareholders.
The management of ALROSA finds it unacceptable to enter into this dubious deal that will imminently lead to lawsuits by current Sakhaneftegas shareholders and demands to repay not only Yakutgasprom but also Sakhaneftegas liabilities.
YUKOS established a new wholly-owned subsidiary to provide for more effective management of all its downstream operations under a single roof. The new entity, ZAO YUKOS RM (Refining & Marketing), is charged with modernizing and managing YUKOS' refining and marketing activities.
ALROSA Co Ltd is a closed-type joint-stock company, successor to the enterprises, organizations and divisions of the former YakutAlmaz Association, Committee for Precious Metals and Precious Gemstones (Gokhran of the Ministry of Finance of the Russian Federation) and the Almazjuvelirexport Foreign Trade Association specialized in sorting, initial processing and supply of rough diamonds which were incorporated into the Company's structure.
ALROSA Co Ltd
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