Slovnaft, the Hungarian subsidiary of Hungarian oil and as group MOL, is interested in buying Transpetrol, which operates the oil pipeline of Russian fuels giant Yukos in Slovakia, Hungarian business daily Napi Gazdaság reported on Tuesday.
Slovakia's Transpetrol, in which MOL acquired a 36.2% stake in May this year, wanted to buy 49% of Slovnaft back in 2002 but was beaten by Yukos. Transpetrol provides Russian oil to the Bratislava refinery as well as Ceska Rafinerska and we believe it would be a logical step for MOL to acquire a holding in it.
Slovakia sold a 49% package in Slovnaft to Yukos for USD 74 million in 2002. The remaining 51% strategic holding will be in state hands in the long run. The state intends to get hold of the Yukos stake in Slovnaft, now that Russia is to grab the assets of the oil major. Slovnaft would then buy the package in question from the state.
Yukos chief executive Steven Theede said early in Novermber that Russia's largest oil exporting company could not continue to operate normally after being presented with USD 6.7 billion in tax demands this week.
Yukos will hold a shareholders meeting on 20 December to consider whether to file for bankruptcy or liquidate the firm.
If Slovnaft succeeded in buying back the 49% package the situation would be rather interesting, as Slovnaft would supply oil to Austria's OMV.
OMV said earlier that it planned to attach onto the Friendship Pipeline, which transports Russian oil, in 2005. Joining this pipeline has become a strategic advantage nowadays, as the gap between Ural type and the Brent crude.
Consequently, if the Slovakian state decides to put up the repurchased Yukos package on sale, OMV could be the toughest competitor in the tender for MOL/Slovnaft.
Source: Portfolio online financial journal
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16.11.2004