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Authorities Change Their Mind On Selling “Hrodna Azot”

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Authorities Change Their Mind On Selling “Hrodna Azot”

Investors apprehended to put money into the Belarusian enterprise.

There are no negotiations on involving a strategic investor into the JSC “Hrodna Azot”, Deputy CEO of the concern “Belneftekhim” Ihar Babyr has said at the press-conference on May 25 in Svetlahorsk (Homel region), naviny.by reports.

“At present moment there are no negotiations with anyone. However, we always remain open for investors. We need an investor with his own raw materials resource, and the raw material that “Hrodna Azot” needs is gas”, — Babyr has said.

Answering the question whether the concern continued negotiations on possible selling of the enterprise’s control stock to the Russian company “Eurohim”, the concern’s Deputy CEO has said: “We had worked with “Eurohim” for a long time, but the terms they set were not exactly acceptable for the Belarusian side, and the process slowed down by itself.”

According to him, the concern is conducting modernization at the JSC “Hrodna Azot” at its own expense. Justification of investments on the projects has already been received, and the tender for the equipment shipment will be announced in the nearest months. “We are ready to welcome an investor in any of these moments,” — Babyr has underlined. .

The contest on selling shares of the JSC “Hrodna Azot” which was supposed to take place in 2014 never happened due to lack of applications for participation. The stock of shares belonging to the state was displayed for sale then (25% plus one share).

First Vice-PM Uladzimir Siamashka informed to the journalists back in 2014 that four Russian companies took interest to the JSC “Hrodna Azot”: “Rosneft”, “Eurohim”, “Gasprom” and an enterprise from the Urals the name of which the first Vice-PM failed to remember. The Belarusian side set a series of terms before potential investors when announcing the contest on selling shares of “Hrodna Azot”.

In particular, an investor should have paid 414 million dollars for the stock of shares belonging to the state, and he was also obliged to pay no less than 440 million dollars into the statutory fund of the enterprise by acquisition shares, additionally issued by JSC “Hrodna Azot”, in accordance with the order and terms, set by the investment agreement.

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