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  Saturday, December 14, 2019
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The merger of Gazprom and Rosneft will not be completed by the end of this year
The merger of Gazprom and Rosneft will not be completed by the end of this year, believes Russian Deputy Minister for Industry and Energy Ivan Materov. "The transaction has too many aspects to it, which will definitely delay it," he said. One of the reasons for the delay, in his opinion, may be appraisal of the two companies' assets involved in the deal. "I think that the process [of merger] will be completed by the middle of next year," he said. The day before Deputy Economic Development Minister Andrei Sharonov told journalists that Gazprom would arrange a tender of independent appraisers to appraise the assets involved in the merger. Only after the appraisal is completed, federal agencies will join the process, he said. Guidelines will be prepared to be signed by the Economic Development Ministry, the Industry and Energy Ministry, the Finance Ministry and the Federal Property Committee. Time allocated for appraisal will be rather short, Gazprom CEO Alexei Miller announced at a press conference earlier. "All the necessary procedural decisions will be made this year. We intent to meet the new year with a new structure," he said. At the same time, Rosneft announced in a statement that blurring of its structure now was not acceptable in any circumstances. Its assessed value has grown by over 10 times in six years, the financial situation has stabilized, production has grown significantly: of oil from 12 to 21 million tons, of gas from 4 to 8 billion cubic meters, the statement pointed out. The higher degree of consolidation of shares in subsidiaries compared to the time of its creation has turned Rosneft in a full-fledged, vertically integrated and dynamically developing structure. It has been built almost anew, restoring control over main assets and expanding activities in the last two years by purchasing very promising assets and expanding in new regions, the company emphasized. Guided by the achieved growth pace and governance efficiency, Rosneft believes that the strategy of the company's development till 2015, which envisages increase in oil and gas production to 45 million tons and 50 billion cubic meters respectively, will be fulfilled much sooner, the statement reads. Rosneft believes that its work during the last six years has given the state an asset, whose cost allows it to solve the most important task of developing the country's fuel industry and supports the decision to consolidate the assets of Rosneft and Gazprom.
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