Firtash's Sevastopolgaz is trying to legalize itself in the Russian Federation, avoiding nationalization
Sevastopol, July 02 (Navigator, Viktor Orlov) – Ukrainian oligarch Dmitry Firtash will have to decide the fate of a significant stake in Sevastolgaz, since Russian legislation prohibits foreign owners from having a stake exceeding 20%.
This was admitted by the chairman of the board of Sevastopolgaz, Leonid Savin, in an interview with the newspaper “Glory of Sevastopol”.
He condemned the idea of nationalizing Firtash’s share, emphasizing that there is no corresponding law in the Russian Federation.
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“We are entering into Russian legislation. But the legislation of the Russian Federation looks at gas distribution enterprises somewhat differently. It clearly states that gas distribution enterprises must have no more than 20% ownership of foreign capital in their authorized capital. Therefore (and shareholders understand this) the enterprise must transform. The process can go in different ways. Perhaps some of the shares will be transferred to the Russian Federation, perhaps sold to specialized Russian structures; there are precedents when shares can simply be transferred to the city,” Savin said.
In September 2012, Ukrainian oligarch Dmitry Firtash acquired a 25% stake in Sevastopolgaz, increasing his stake in the company to 47%.
Before his transfer to Sevastopol, Savin worked as the first deputy chairman of the board of PJSC Zaporozhgaz, which is also controlled by Firtash.
Note that Firtash also controls more than 20% of the shares of Krymgaz.
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