The Russian Federal Antimonopoly Service (FAS) satisfied motion of OJSC AK ALROSA in respect of acquisition of 100% share in Urengoj Gas Company Ltd. (UGC) and 100% voting shares in CJSC Geotransgaz (GTG), RosBusinessConsulting reported citing materials released by the state agency.
ALROSA sold GTG and UGC to VTB Bank in 2009 for a total consideration of $620 million amid recession at the diamond market. The funds realized following that deal were allocated for repayment of ALROSA’s debt. The diamond miner retained buy-back option in respect of the above gas assets and was to exercise it in 2012. Following start of commercial operation of Beregovoj licence area of GTG and advanced stage of development of both assets ALROSA took decision to buyout the latter in 2011.
In March 2012 the company finalized consolidation of GTG and UGC which are now owned by 100% ALROSA’s subsidiary – Swiss-based Sunland Holding. Sources from the company noted that ALROSA intended to transfer this ownership to the parent company.
Previously ALROSA announced its intention to reduce participation in non-core assets by means of engagement of strategic partners having experience in relevant spheres. Subject to this strategy ALROSA signed agreement of intent with OJSC Zarubezhneft stipulating the sale of 25% plus one share in GTG and 26% share in UGC. ALROSA did not rule out the option of further sale of its shares in these companies should it have an attractive offer.
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