Did Lukashenka deceive Gazprom again?
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8:56, — Politics
Belarus is willing to review retroactively the agreements with Gazprom on solving gas conflict. The authorities expressed an idea to abolish trade markup on Beltransgaz fuel selling. In this case the price on which Gazprom agreed to go in Beltransgaz will be increased, gazeta.ru runs.
“Now Belarus wants to get off this subject, to abolish the markup,” Valery Golubev, deputy CEO of the Russian concern said. Beltransgaz may become loss making if the markup is cancelled,” Golubev emphasised.
This initiative of the Belarusian authorities in fact cancels out all reached agreements on gas price for Belarus.
The parties agreed the terms of Gazprom going in Beltransgaz, based on agreed market cost of Belarusian gas transporting system at a size of USD 5 billion. The valuation was carried out by Dutch ABN Amro Bank in consideration of rates of return existed on that time, which formation depended in great degree on the mentioned trade markup.
The parties agreed that Gazprom buys 50 per cent stake in Beltransgaz within 2007-2011. By the end of the first half of 2007 Gazprom is to buy 12.5 per cent stake in the Belarusian enterprise at USD 625 million. However the Russian company will come into ownership and corporative governance only after it buys 50 per cent share in Beltransgaz. According to Valery Golubev, in this situation Gazprom insists on entrenching the markup by a decree of the president of Belarus.
Analysts have a consensus opinion that an attempt of the Belarusian party to change retroactively the terms of the contract looks at least incorrect. “Amro estimated Beltransgaz taking into account the enterprise’s prices of gas selling. In case these terms are changed, it will be fair to speak about reviewing of Beltransgaz valuation and terms of contract with Gazprom,” Konstantin Cherepanov, analyst of Rye, Man & Gor Securities, says.
It difficult to say, if Belarus takes the steps that may give up on the contract with Russia, signed with such great difficulty. “Belarus uses all opportunities to retrieve a gas and oil fiasco,” Cherepanov said. Earlier, in January, Lukashenka said Belarus could impose renting on land occupied by Russian oil-products pipelines. However, this idea wasn’t developed. In case with abolishing of gas trade markup this threat won’t probably be put into practice.
However, this initiative of the Belarusian party can’t be the last one. Belarus will seek any opportunity of additional earnings, Mikhail Armyakov, head of the analytical department of the Russian Investors company RIM, said. So, new surprises can be expected.
