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Independent Directors for Rosneftegas

13.09.2012 14:07 / «Kommersant-Online»

The principle of independent directors will be introduced at Rosneftegas, Vice Premier Arkady Dvorkovich told Vedomosti in an interview, voicing both the official standpoint and his own angle on key developments in Russian business.

Arkady Dvorkovich said that independent directors will be introduced at Rosneftegas. On the holding`s independence from Rosneft, he told Vedomosti "there is a corporate management issue at Rosneftegas and the government will advise the company on this matter. This is a strategic company, and everything will be approved with the President`s Executive Office. We are introducing independent directors in all state-owned companies, and Rosneftegaz is no exception. We will build a strong executive team there, capable of managing the stock that the company owns".

Arkady Dvorkovich also said that Rosneftegaz should take part in Inter RAO UES capital. "If you have to choose between all Rosneftegaz projects and opportunities, Inter RAO UES is a top priority", says Dvorkovich. "The company owns Gazprom and Rosneft stock, while Inter RAO UES is mostly gas mining, and there is a certain synergy right there. A few years back we were working on the electric power generation plan, and we argued whether Gazprom should be part of the electric power system. I said yes, there is a synergy. The same applies here: Rosneftegaz, a major investor in gas through Gazprom shares, has certain leverage to invest in gas energy at the same time. Even more so, due to the prospect of consolidating Inter RAO UES stock owned by various state companies". Nevertheless, Dvorkovich sees more arguments in favour of Inter RAO than FSK, MRSK and RusGidro". The Vice Premier commented the FSK and MRSK Holding merger: the decision has not been finalized yet, consultants (the recently appointed Morgan Stanley, VTB and Renaissance Capital) are still to present merger scheme suggestions, and even that will not make it a done deal. He said that to the best of his knowledge, KES Holding, controlled by Victor Vekselberg, is not negotiating a sale to Rosneftegaz and "the government strongly opposes the increased influence of state-owned comanies on Russian economy". He said that neither the Rosneft purchase of BP stake in TNK-BP, nor the possible Rosneft involvement in privatizing 20% of NMTP stock has been discussed with Rosneft execs so far. On NMTP privatization he stated: "I do not think that any oil company shall own a major sea port servicing most of its competitors".

Arkady Dvorkovich also denied that the government has a plan to restore peace among Nornikel shareholders. "I think it`s up to the shareholders, they should work it out among themselves and make peace", he said. "This is not government business".

Improvement of corporate governanceProject Group №2Arkady Dvorkovich