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M&A: Gazprom neftekhim Salavat fails to sell Meleuz Mineral Fertilizers

The first attempt of JSC Gazprom neftekhim Salavat (GNS) to dispose of 100% of OJSC Meleuzovskie Mineralnye Udobreniya was unsucessful, the Kommersant reported.

Not a single bid was submitted to the auction assuming the winner announcement on July 21. GNS has not commented on the repeat auction date.

GNS estimated 100% of MMU at RUB 200 million. At the end of 2013, the company's assets were estimated at RUB 640 million.

The seller agreed to sign with the buyer a seven-year contract to supply 160 thousand tonnes of ammonia per year. For its part, the buyer undertook to conclude a novation agreement in respect of the MMU debt payable to the parent company: GNS provided RUB 1.729 billion in loans to its subsidiary. Besides, the Meleuz-based enterprise has debts payable to other parties estimated at RUB 196.2 million as of the end of December.

Investment group Sputnik (Moscow) acting In the interest of Vladimir Gridin's and Mikhail Fedyaev's Siberian Business Union group (Kemerovo) was referred to as the front-runner for the Meleuz asset. Also, entities affiliated with Russian businessman Vladimir Osipenko (Zapadgaz and Nemanazot) showed interest in MMU, the Kommersant says.

JSC Gazprom neftekhim Salavat (previously OJSC Salavatnefteorgsintez, tax number: 0266008329) is one of the biggest petrochemical enterprises in Russia. In 2013, Gazprom neftekhim Salavat increased the processing of crude hydrocarbons by 10% to 7.4 million tones. The crude refining efficiency increased by 6.6% to 81.2%. GNS is part of the Gazprom Group.

According to the DataCapital information retrieval system, RAS net profit of Gazprom neftekhim Salavat for January-September 2013 was RUB 194 million against a loss of RUB 601 million the year before. The company's revenue for 9 months increased by 14% to RUB 124.92 billion. Pre-tax profit was RUB 443 million against a loss of RUB 666 million the year before.

OJSC Meleuzovskie Mineralnye Udobreniya (Meleuz Mineral Fertilizers) is a major Russian producer of mineral fertilizers and fodder additives. The enterprise was based on the production facilities of OJSC Minudobreniya in 2003. The company's core products are nitrogen, nitrogen-phosphate, nitric, compound fertilizers as well as primary products for their manufacture. The sole shareholder of the company is JSC Gazprom neftekhim Salavat.

RAS net profit of MMU for 2013 totaled RUB 14.6 million against a negative profit the year before. Revenue decreased to RUB 1.116 billion from RUB 1.312 billion. Sales profit grew by 53% to RUB 130 million from RUB 85 million.

"AK&M", 22.07.2014


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