Page 13 - FSUOGM Week 28 2021

FSUOGM NEWS IN BRIEF FSUOGM

Sibur unable to hold IPO company will be able to purchase the EASTERN EUROPE
remaining stake in TAIF subsequently.
until deal with TAIF closed: Huge secret bonuses paid

CEO Gazprom Neft resumes to top Naftogaz executives

Russian petrochemical giant Sibur will be refuelling flights to Egyptian exposed
unable to hold an initial public offering
(IPO) until the deal with TAIF is closed, resorts When Naftogaz CEO Andriy Kobolev
business daily Vedomosti reported on July was fired in April he pocketed $12.7mn
13 citing Sibur CEO Dmitry Konov. Gazpromneft-Aero, operator of the in bonuses as part of his contract, the
“We will be for sure unable to hold an Gazprom Neft aviation refuelling business, Kyiv Post reported after seeing company
IPO until the deal with TAIF is closed. The has begun refuelling international flights documents into pay and bonuses at the
shareholders of Sibur have always wanted to Egyptian tourist destinations, including state-owned gas company on June 6.
the company to be public, but we have not Sharm El-Sheik and Hurghada, under All of the company’s top management
held an IPO yet due to various reasons. an agreement with Egypt’s national fuel were paid multi-million bonuses as part of
And now I am sure that the shareholders of supplier, Misr Petroleum. a 1% reward for successfully winning a legal
TAIF are also interested deep inside in the This new agreement forms part of a battle with Russia’s Gazprom in Stockholm
united company going public,” Konov said, partnership in place with Misr Petroleum arbitration courts in 2018 that cost the
as quoted by the daily. since 2009. Over that time total deliveries Russian gas producer $5bn in a settlement
The companies are ready to exclude of aviation fuel for servicing Russian and paid to Kyiv. Overall, 40 Naftogaz employees
TAIF’s oil processing assets from the international air carriers’ flights throughout shared in the Stockholm bonuses, the Kyiv
integrated company so that the deal was Egypt’s eight international airports have Post reports based on company documents
approved by the Federal Antimonopoly now reached more than 180,000 tonnes. seen by the paper.
Service, he also said, adding that Sibur “We’re counting on the gradual The huge sums will gall Ukrainians,
is generally not interested in own oil resumption of international air travel, and who earn an average of UAH13,543 ($485)
processing. stand ready to start offering ‘wing-tip’ a month – the second lowest income in
Konov also said that Sibur does not refuelling services for both our partners in Europe. To add insult to injury, Kobolev
agree with analysts’ appraisals of the united Russia, and those abroad," said Vladimir was dismissed after the company posted a
company at $20-23bn. Egorov, director general of Gazpromneft- $700mn loss in 2020, but under the terms
“I am sure, and so are the rest of the Aero. "Q1 2021 has already seen of the employment contracts Naftogaz’s top
shareholders, that the company will cost Gazpromneft-Aero resuming services for management were entitled to their bonuses
more in the future is case of an adequate Russian air carriers in the UAE and Cyprus. irrespective of the company’s financial
market environment, after implementation With flight programmes now opening for performance.
of both companies’ development plans, and popular tourist resorts in Egypt we expect To the managements’ plus is that since
the synergy that we have,” he said, as quoted an increase in passenger traffic and in the they took over they have turned the
by the daily. number of flights from Russia, over the next company around from being one of the
Sibur and TAIF are merging their few months.”. biggest drains on the Ukrainian budget into
petrochemical businesses on the basis of the biggest single tax payer in the country.
Sibur Holding. The TAIF shareholders Despite the 2020 losses, however, the
will swap a controlling stake in the group’s company still managed to pay $5bn in taxes
petrochemical and energy companies for in 2020.
15% in the new company, and the combined The company has been transformed

Week 28 14•July•2021 www. NEWSBASE .com P13