Gazprom may be considering move against EuRoPol
Gazprom is rumored to be on the point of carrying out its threat of
launching bankruptcy proceedings against EuRoPol Gaz the company responsible
for the Polish section of the Jamalski pipeline. According to a Puls Biznesu
report, EuRoPol currently has debts amounting to $I bn, 90% owing to
Gazprom, which holds a 48% stake in the Polish company. In March, Gazprom
president Rem Wiachiriew said that if EuRoPol failed to make good on paying
the second installment of its obligations to Gazprombank, his company would
seek EuRoPol's bankruptcy. Gazprom has been in constant dispute with the
other 48% shareholder in EuRoPol, Polish Oil and Gas (PGNiG), regarding
several issues, notably guarantees for the completion of the Jamalski
pipeline, which will carry oil and gas from Russia to the EU, and the
payment by PGNiG of its $350 million share of the investment. Chairman of
EuRoPol Gaz, Kazimierz Adamczyk, says talks that are currently under way are
dealing with all shareholders' problems. (Puls Biznesu, p. 4), M.T.
