FUSS OVER TRANSPETROL

Transpetrol, oil transporter and operator of the Slovak section of the Družba oil pipes, will in the next few weeks come under complete control of the government. The Ministry of Economy finished discussions with hitherto shareholder Yukos International regarding the repurchasing of shares. Slovakia will pay 240 million dollars for their minor package. The definitive purchase price thus confirmed an estimate made by Trend in November. The information from last week was completed by Angela Balázsová’s decision on Monday, judge at Bratislava I’s district court. According to the decision, the company Tradeunion belonging to the Vranov businessman Ignác Ilčišin, who is entitled to approximately 34% of Transpetrol’s shares, will be allowed to summon Transpetrol’s plenary. Last week in London, Minister of Economy Ľubomír Jahnátek and representatives of Yukos International signed an agreement regarding the repurchasing of 49% of Transpetrol shares. The transaction has yet to be approved by the Slovak Anti-Monopoly Department. Executive director of Yukos International Bruce Misamore is expecting the department’s decision in the next few weeks. Talks regarding this step were so slow also due to tens of international trials concerning claims over the remnants of the former biggest Russian oil concern Yukos. And the talks were also slowed down by the conflicts regarding who is the proper statutary power in the firm, which was put up for tender by the Russian court in 2006. The deciding moment was the October decision of the Dutch court, according to whom the Yukos tender was invalidated. The Dutch court, at the same time, confirmed Bruce Misamore and David Godfrey as the legitimate directors of the Yukos Finance company, which meanwhile transferred shares to Yukos International. I Pg 32