CEO: Russia’s Stroytransgaz sells non-core assets for 14 bln rbl
Russian construction company Stroytransgaz has received around 14 billion rubles from the sale of real estate assets and a shopping mall in the Olympic city of Sochi, Stroytransgaz CEO Sergei Makarov said in an interview with business daily Vedomosti Thursday.
Stroytransgaz still expects to complete a deal on selling its stake in a joint venture with oil major Rosneft that operates a development project at the 245-South oil block in Algeria. Rosneft and Stroytransgaz jointly hold 60% in the project, while Algerian state oil and gas company Sonatrach owns the remaining 40%. Stroytransgaz needs to get clearance from the Algerian partners to close the deal, Makarov added.
Stroytransgaz plans to sell its stake in oil and gas company Uralneftegazprom. As of late March 2011, Stroytransgaz held a 62.27% stake in Uralneftegazprom.
Makarov also said that Stroytransgaz planned to buy a blocking stake in SK Most, which focuses on the construction of railroads, automobile highways, air fields, and other infrastructure facilities, by the end of January.
Makarov added that Stroytransgaz plans to complete the acquisition of a group of construction companies ARKS, in which it bought a blocking stake, or 25% plus one share in 2011, over the next three years.
Founded in 1990, Stroytransgaz, or Stroitransgaz, is one of the largest engineering companies in Russia’s oil and gas industry. Entities affiliated with Russian businessman Gennady Timchenko control 80% in Stroytransgaz’ charter capital.
(31.5428 rubles – U.S. $1)