Gazprombank is interested in selling its 49% stake in the Elga coalfield to A-Property, a company of co-founder of telecom operator Yota Albert Avdolyan, Gazprombank’s press secretary Anton Trifonov reported on January 28.
On January 27, a source said that A-Property asked the Federal Antimonopoly Service to approve an acquisition of 100% in the Elga coalfield from Gazprombank and metals and mining group Mechel.
Mechel owns 51% in the companies that develop the Elga coalfield. Gazprombank bought its 49% in the project from Mechel for 34.4 billion rubles in 2016. Mechel had the right to buy back the stake in three years, and Gazprombank was allowed to find a new buyer if the right was unused. Mechel said earlier in January that it did not use the right and that it might sell its 51% stake as well.
The Elga coalfield is one of the largest fields in the world with estimated reserves of 2.2 billion tons. Three companies have been developing the field and constructing infrastructure there for more than 10 years – Elga-Doroga, Mechel Trans Vostok and Elgaugol. (Prime/Ukrainian metal)