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Will the owner change, will YATEK remain?
Who, besides Sberbank, is interested in Yakutia’s largest gas producer
As EastRussia has learned, court proceedings against creditors with the main gas producing company in Yakutia, the Yakutsk Fuel and Energy Company, are dragging on. Sberbank requires YATEK, the difficulties for which began after the arrest of Sumy’s controlling Ziyavudin Magomedov, to repay the debt, YATEK - to recognize the credit agreements themselves as insignificant. YATEK monopolizes gas supplies to Yakutsk and the central regions of Yakutia, therefore, the authorities of all levels are interested in the company’s work not to stop. What could mean a change of ownership of the company, EastRussia understood.
October 26 The Arbitration Court of Yakutia postponed consideration of Sberbank’s joint action against Yakutsk Fuel and Energy Company (YATEC) and the owner of 82% of its Investor LLC shares on the recovery of loan debt — due to the fact that YATEK filed a counterclaim, it follows from files of arbitration cases. In the 2015-2016 years, Sberbank opened two revolving credit lines to YATEK. In August, the lender demanded RUB million from 314,8. and 2,7 billion rubles. debt, as well as repossession of real estate with an initial sale price of 325,76 million rubles. to implement it at public auction.
In a counterclaim to the YATEK bank, it is required to recognize the terms of credit agreements as invalid and apply the consequences of the invalidity of transactions - exclude the conditions from the text of the agreements - from the moment of the transactions. The court, by definition, published on October 29, accepted a statement from the defendant - for joint consideration with the original claim. The next trial will take place on November 19. From the file of arbitration cases, it follows that another claim by Sberbank against YATEK, already for 1,4 billion rubles, is being considered by the Moscow Arbitration Court. The next meeting on this case will take place 13 November. Thus, the total amount of claims of the bank to YATEK exceeds 4 billion rubles.
Problems with companies associated with the Summa group of Magomedov brothers began after Ziyavudin and Magomed Magomedov were arrested in March 2018 on suspicion of embezzling 2,5 billion rubles. and creating an OPS. Summa owns shares in a number of assets in the Far East, the largest of which is the FESCO Group (the owner including the Vladivostok Commercial Sea Port). YATEK "Summa" controls through LLC "Investor".
EastRussia help. YATEK is developing the Srednevilyuisky and Mastakhsky gas condensate fields in Yakutia. This is the main gas producing enterprise in the republic that supplies natural gas to the central regions of Yakutia. Currently, YATEK accounts for about 86% of the total gas produced in the republic, explains First Deputy Minister of Industry and Geology of Yakutia Vasily Zakharov. According to YATEC's annual reporting, in 2017, the company extracted 1,74 billion cubic meters of gas and 114 thousand tons of condensate.
YNETEK gas for 100% meets the needs of this type of Yakutsk fuel, is a monopoly supplier of gas for all industry and housing and public utilities facilities in the central region of Yakutia. Alrosa-Gas JSC and Lensk-Gas Gas Production Company LLC account for less than 15% gas production for the needs of Yakutia. YATEK also sells gas engine fuel at gas stations (controls about a quarter of the market). Fuel for gas stations in the republic is also supplied by Sakhaneftegazsbyt (controlled by the republican government), Tuymaada-Oil Oil Company and several other small companies.
DO NOT DISABLE. AND BANKRUPT?
While companies are in litigation, the authorities of Yakutia are trying to somehow influence the situation. Of course, they are interested in preventing the bankruptcy of the main gas producing enterprise, but above all - to ensure "an uninterrupted and reliable gas supply to the central energy district of the republic and the city of Yakutsk." This, according to Vasily Zakharov, is handled by a special working group with the participation of representatives from the Russian Ministry of Energy and the government of Yakutia. "As a result of the measures taken and the provision of subsidy funds to organizations of the utility complex and their direction to energy suppliers, there has been a decrease in the amount of PJSC receivables," said Vasily Zakharov.
YATEK declined to comment.
In an interview with the news portal NewsYkt in July and. YATEK General Director Andrei Alekseev stressed that many financial difficulties are associated with non-payment by the main gas buyers. "There are no weighty reasons for excitement, but there are temporary difficulties that will in no way affect our consumers and counterparties. In the summer season gas consumption decreases by more than five times. The company's revenue decreases significantly - despite the fact that costs remain almost the same level or even grows due to the fact that in summer it is necessary to carry out preparatory work related to the next heating season, "- explained a top manager.
Thus, according to the evaluation of the management of YATEC, in the summer the company has always experienced a shortage of funds. But earlier, YATEK was credited for this period without any problems, and now, “due to the current state of affairs, it is quite difficult to attract borrowed funds”. “And the second, perhaps the main circumstance is the failure to fulfill payment obligations on the part of our main customers. At present, Sakhatransneftegaz has not repaid the debt as of May, and the state unitary enterprise“ Sakha Housing and Public Utilities of the Republic of Sakha (Yakutia) ”has not paid off ", - talked about. Director General of YATEK.
Economists believe that Sberbank’s claims against YATEK could lead to a change in ownership. “According to experts, YATEK owed creditors more than 14 billion rubles. As of 1 in August 2018. In turn, the company is trying to recover over 5,9 billion rubles from the Investor company, which is its main shareholder. Over 7,2 billion owed YATEK Sberbank. Sberbank’s claims may lead to a change in ownership. From the point of view of the republic’s interests, for which YATEK is the main gas producing organization, the provision of heat and gas condensate of almost all populated areas of Yakutia depends on its normal activities. bhodimo early resolution of the conflict ", - said the director of the North-Eastern Federal University of Finance and Economics Institute of Anna Quay.
Experts are confident that the claims filed by Sberbank after blocking YATEK’s accounts are a well-thought-out action aimed at bringing the company to bankruptcy and further buying up shares at a low price. "From the point of view of the region, YATEK is not only a monopolist, but also a constantly profitable company. As a rule, banks do not look at the assets or market value of an enterprise, the main argument in favor of issuing a loan is the ability of a company to make monthly payments - with this, YATEK has all “Well, YATEK is able to pay off all loans, working in normal mode, and not with arrested accounts,” said ex-Advisor to the YATEK General Director Afanasy Egorov.
True, he believes that the difficulties that have arisen in the company will not affect the uninterrupted supply of gas in the republic. "The company employs people who are gas workers in the second or third generation. The older generation experienced a perturbation with Yukos in 90-s, but even then there was not a single case that the gas supply was interrupted to Central Yakutia for at least an hour. Here there are cadres who understand their own responsibility, survived serious difficulties, so I don’t worry that there will be no gas. However, neither in Yakutsk, nor even in Moscow, have any idea what is happening in Kyzyl. Today, there are warehouses full of spare parts from view of the operation of all the rules . In addition, flax current management doing a good job, people are paid, there is no fundamental reason for the unrest A certain nervousness there because of the abundance of different information in the media and on the Internet ", -. Athanasius explains Egorov.
BUSINESS WITHOUT PROSPECTS. OR?
YATEK as a business supplying gas to Yakutia is of little interest to large players. The company has not yet been able to gain access to the Power of Siberia gas pipeline under construction, through which exports to China will go: Gazprom is against independent producers adding to the resource base of the pipeline. But with the company, if we recall the very recent past, there are at least two investment projects related to entering foreign markets.
In 2014, YATEK announced a gas chemical complex project - a plant for the production of methanol and LNG on the right bank of the Lena River near the village of Nizhny Bestyakh, not far from the existing gas pipeline Pavlovsk-Maya. The company announced the capacity of the first line 5 thousand tons per day, or about 1,75 million tons per year. At the third Eastern Economic Forum in 2017, YATEK signed preliminary agreements with Japanese companies to supply about 600 thousand tons of methanol per year, and in October 2017 signed an agreement with Danish Haldor Topsoe. A partner from Denmark pledged to provide a license for the methanol production process, to carry out the licensor’s basic design, and also to act as a supplier of catalysts and parts of in-house technological equipment. More on the news agenda the project of the methanol plant did not appear.
In 2014, another project was announced in Nizhny Bestyakh, this time Rostec and Indian Global Steel Holdings Ltd. - Plant for the production of fertilizers from natural gas. The Indian company said it could build a plant for the production of urea and ammonia with a capacity of up to 2 thousand tons of products of both types per year and gas consumption of about 2,2 million cubic meters per day near Yakutsk. The project was supposed to be the anchor for the projected area of advanced development "Zarechie". Due to its implementation, Yakutia intended to double the gas consumption and achieve the federal tranche for the 84-kilometer third line of the gas pipeline from the Srednevilyuisky gas-condensate field to Yakutsk. TOR "Zarechye", however, was never created, and the project after 2015 was also not mentioned anywhere.
A peculiarity of the gas market in Yakutia is extremely uneven consumption: the July minimum is around 1,7 million cubic meters per day, the maximum in December-January is 9 million cubic meters per day. At the same time, it does not make sense to increase gas production without the emergence of large new consumers: the region consumes about 2 billion cubic meters of gas per year. The problem of uneven consumption, the most acute for the business of YATEC, could be solved by the emergence of gas processing enterprises. But in the current situation, without access to borrowed funds, the gas producer is not able to finance such projects. Net profit YATEK for 2017 year fell by 31%, to 589 million rubles.