Archive for December 19th, 2009

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Naftagaz Ukraine Privatised

December 19, 2009

National joint stock company Naftogaz Ukrainy is now a public joint stock company.

This is stipulated in the company’s new bylaws sealed in cabinet resolution No. 1354 dated December 2 and made public on December 18.

Under the bylaws, Naftogaz’s charter capital grew by 4.3 times to UAH 24.165 billion from UAH 5.565 billion.

The bylaws also underwent other changes related to the Law on Joint Stock Companies, which became effective in spring 2009 and which states that all joint stock companies should undergo reorganization either into a public or private joint stock company within two years.

Prior to its reorganization, Naftogaz was a state open-type company.

The new bylaws single out the following business activities as separate ones: the generation and supply of electricity and heat, the creation of a chain of filling stations and gas filling compressor stations, as well as standardization in the oil and gas sector.

The liabilities clause also underwent changes: the phrase saying “the stockholders bear responsibility for the company’s liabilities only within the limit of the overall value of the company’s stocks held by them” was replaced by “the stockholders bear no responsibility for the company’s liabilities and run risks of losses connected with the company’s activity only within the limit of the stocks they hold.”

Moreover, the new bylaws exclude from the list of the bodies of management the board of directors, which, in keeping with the previous bylaws, had the status of an advisory body and consisted of the chairman of the board and the heads of the company’s subsidiaries.

Under the cabinet resolution, Naftogaz, in agreement with the cabinet, shall approve tasks for its representatives for voting at general stockholders’ meetings and gatherings of the supervisory boards of OJSC Ukrnafta, Ukrtransnafta, SJSC Chornomornaftogaz on the following issues: a change in the size of charter capital, an additional issue of stocks, the distribution of profit, the election of the chairman of the board, the reorganization or establishment by those companies of other legal entities or the acquisition of their stocks or stakes.

Moreover, Naftogaz, in agreement with the cabinet, may also decide on the transfer of state property for including into the charter capital of Ukrnafta, Ukrtransnafta, and Chornomornaftogaz.

Naftogaz unites the country’s largest oil and gas producers. It also holds monopoly in the transit and storage of natural gas in underground storage facilities, as well as in the transportation of oil by pipelines across Ukraine. – Interfax-Ukraine

So there we go dear readers…….The opaque gas intermediaries have been irradicated only for Naftagaz Ukraine to be privatised and owned by people in the shadows……probably through Cypriat and BVI companies with “fronted” directorship!

What is the betting that this company now……rather than needing State bail out’s and sovereign guarantees……..will suddenly become a very, very profitable company.

I wonder how much is owned by Gazprom……..indirectly of course.

To be fair, I am not against it’s privatisation………but I don’t think we will ever know who now owns it……at least we won’t know officially!

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