Gazprom Board of Directors Approves Gazprom Capital’s Purchase of 9.99 Percent Novatek Shares The seller will be the Cypriot structure of Gazfin Cyprus Limited, Interfax reports citing Gazprom materials.
The withdrawal of assets worth about 320 billion rubles from the offshore zone may be related to their protection from possible claims, believes investment strategist at Arikapital UK Sergey Suverov.
In his opinion, the company was prompted by such a decision last year’s outcome of the lawsuit with the Ukrainian Naftogaz, because of which it had to pay a fine of three billion dollars. Gazprom began to fear a seizure of property after similar decisions blocked its borrowing on the European market at the end of last year.
Kirill Tachennikov, Director and Senior Oil Analyst at BCS Global Markets, also believes that the deal is related to the transfer of the asset to Russian jurisdiction.
The company itself announced that the sale would be carried out “as part of optimizing the ownership structure of assets in the Gazprom Group,” writes RBC’s owned by Grigory Berezkin.
Russia has ceased to consider Cyprus offshore since 2013, when it began to transmit data on account holders and banking operations. However, the idea of it as an offshore remains, since the republic has one of the most attractive taxation regimes and it is included in the list of major international investors in Russia.
Earlier it became known that the United States is preparing new sanctions against companies associated with the construction of the Nord Stream-2 gas pipeline. The vessel Akademik Chersky, which has ceased to belong to Gazprom, will become involved in its completion, becoming the property of the Samara Thermal Energy Property Fund (STIF).
A separate complication may be problems with insurance, which is mandatory for a vessel operating in Danish waters. The United States wants to punish insurers who provide their services to pipe layers involved in pipeline operations.
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