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31.01.2008 - MDM Comment: Gazprom wants equity in KZOS

According to Kommersant business daily, Prime-minister of Tatarstan said that there are talks with Gazprom (A3/BBB) regarding its participation in the equity of Kazanorgsintez. The talks may reportedly be finalized before the end of 1H 08. At the initial stage the acquired stake will likely not exceed 25%.
We view the news as credit-positive for KZOS (NR/B/B-). The KZOSRU 11 (9.47%) issue was well-bid recently and is up another 1/2 in today's trading. KZOS is based in Tatarstan and largely dependent on Gazprom group as its core supplier of raw materials. Gazprom in turn has ambitions to strengthen its downstream base by expanding its petrochemical division. SANOS (NR), another petrochemical giant in a neighbouring region (Bashkortostan), was acquired by Gazprom in a similar manner.
KZOS is currently majority owned (51.7%) by a private fund TAIF, which apparently is closely linked with Tatarstan authorities. Gov't of Tatarstan controls some 28.6% of KZOS through SINEK (fully owned investment vehicle), but even that stake is managed by TAIF.

20.02.2008 15:59
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