State Oil Firm Wins Renationalized Stake in Ukrainian-Russian Company
Posted on: Thursday, 15 September 2005, 15:00 CDT
Excerpt from report by Interfax-Ukraine news agency
Kiev, 15 September: An 18.296-per-cent stake in Ukrtatnafta (Kremenchuk oil refinery, Poltava Region) which the Ukrainian Supreme Economic Court has ruled must be returned to state ownership will be handed over to the Naftohaz Ukrayiny [state oil] company.
"As the shares are to be handed over to Naftohaz Ukrayiny, the State Property Fund does not have any information on whether they have been returned or not, or about their further fate," head of the State Property Fund Valentyna Semenyuk said at a news conference on Thursday [15 September].
The chairman of the board of Naftohaz Ukrayiny, Oleksiy Ivchenko, said at a news conference on the same day that an increase in Naftohaz Ukrayiny's stake in the authorized capital of Ukrtatnafta would allow it to begin modernizing the Kremenchuk refinery, as a result of which the refining depth would rise to 95 per cent and the capacity to 16m tonnes a year.
However, Ivchenko did not rule out the possibility of AmRuz Trading AG (Switzerland) and SeaGroup International Inc. (USA), which used to own the stake, participating in an appeal against the Supreme Economic Court's decision in the Ukrainian Supreme Court.
Ivchenko also said that profiteering by [Russian republic of] Tatarstan over oil supplies to the [Kremenchuk] refinery was inadmissible.
Ivchenko said that Ukraine and Tatarstan were currently supplying equal volumes of oil to the Kremenchuk refinery. "Although that is simply a partner service on our part," he added. Ivchenko also said that Naftohaz Ukrayiny could meet the refinery's full needs on its own.
Ivchenko said that in September Tatarstan plans to refine 480,000 t of oil at the Kremenchuk refinery, with a further 500,000 t in October.
[Passage omitted: previously reported details]
Source: BBC Monitoring Former Soviet Union
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