Russian investors grow interested in buying belarusian petroleum companies

Russian investors have shown more interest in auctioning Belarusian petroleum companies. According to Belneftekhim, Mogilevkhimvolokno has already received an offer from Sibneft, while Belshina considers AMTEL chemical company as the most likely investor. Meanwhile, United Trading Company LLC is eager to buy a shareholding in Mogilev ZIV. Besides, Sibur has approached the Belarusian government with a proposal to become a trust manager of blocks of shares in all three Belarusian enterprises. As Interfax learnt from a Belarusian government representative, who referred to proposals of the Russian company, OJSC Sibneft is ready to participate in realizing investment projects at OJSC Mogilevkhimvolokno and Mozyr refinery. As the source explained, Sibneft intends to perform direct investments into the OJSC Mogilevkhimvolokno (the state owns 100% of the shares – Interfax), provided it buys the control share of the company. Still the company does not exclude the possibility of investment through spending own or borrowed money on buying necessary equipment and passing it over for the lease or suspended buying by the Belarusian side. Sibneft may receive a package of OJSC Mogilevkhimvolokno shares for management or for depositing. The Russian company believes, an independent international auditing at OJSC Mogilevkhimvolokno is a compulsory condition for any investing activities. Besides, Sibneft agreed to pay for the auditing procedure. The source informed, OJSC Mogilevkhimvolokno needs $93.5 million of investments. A presidential decision is needed to sell the control package of shares as it is in his competence to decide upon the alienation of actions worth over 10,000 basic units (1 basic unit amounts to BYR 16,500).