Warsaw (Puls Biznesu) – Gazprom, the Russian gas giant, has said recently that it wanted to increase its stake in EuRoPol Gaz from 48 to 50 percent. EuRoPol Gaz is the operator of the Polish part of the Yamal pipeline transporting fuel from Russia to Poland and Western Europe. Aleksander Gudzowaty, one of Poland’s richest men, and the owner of Bartimpex (which has stakes in EuRoPol Gaz) said he was surprised with those demands. He would like the status quo to remain.
As early as in 2001, the Polish government said that the shareholders structure in Gas Trading, which has a 4-percent stake in EuRoPol Gaz, was adversely affecting Poland and giving Russia too much power. Measures were taken to divide EuRoPol Gaz shares evenly between the Russians and PGNiG, the Polish gas monopoly controlled by the state. Aleksander Gudzowaty explains that it is good for Poland that Gas Trading owns shares of EuRoPol gas. “It gives Poland 52 percent of shares in EuRoPol Gaz, while Gazprom has 48 percent. The Russians confirm this. We have written to the management of Gazprom offering a compromise. We have also written to PM Marek Belka asking whether the 50:50 division had been agreed upon four years ago”, Aleksander Gudzowaty said.
He added that in order to exclude Gas Trading from shareholders of EuRoPol Gaz one would have to give serious reasons which do not exist. PGNiG, which has 48 percent of EuRoPol Gaz, estimates the value of the stake at PLN 542m (EUR 133.3m). “It is two times lower than its net income last year. According to PGNiG, all shares of EuRoPol Gaz are worth PLN 1.1 billion. We have asked Jacek Socha, the Minister of Treasury, to explain how the evaluation was made. According to Bartimpex, EuRoPol Gaz has assets worth PLN 7 billion, and the whole company is worth PLN 15 billion”, Aleksander Gudzowaty said.
Last year, EuRoPol Gaz had sales of PLN 2.2 billion, up from PLN 1.6 billion in 2003. Its net income amounted to PLN 917.66m while a year earlier it was PLN 580.07m. The company’s shareholders are the following: PGNiG (48 percent), Gazprom (48 percent) and Gas Trading (4 percent). Gas Trading shareholders include PGNiG (43.4 percent), Bartimpex (36.17 percent) and Gazexport owned by Gazprom (15.08 percent). Poland imports from Russia 5.7 billion of cubic metres of gas a year.
(PLN 1 = EUR 0.246)