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Malkova I. Rosatom vybral Alstom. [Rosatom has chosen Alstom]. // Vedomosti. 3 April 2007.

Section Institutional Problems should also be mentioned that the OJSC УTVELФ, together with the FSUE УZarubezhatomenergostroiФ, owns a controlling block of shares in the CJSC УAtomenergostroiФ engaged in construction of nuclear power plants abroad (in the past the controlling block of shares belonged to Gazprombank, which had bought it in 2004). The shareholders of the largest Russian operator in the sphere of export and import of electrical energy, the CJSC УInter RJSC УUESФ, are the RJSC УUES of RussiaФ (60%) and the FSUE УKontsern УRosenergoatomФ (40%)15. Thus, the only thing possible as yet is to estimate, by way of special applied research, the market shares of various business groups and companies, including those controlled by the StateФ in some specific markets of commodities and services.

5. 1. 3. Medium-Term Privatization Plans and Current State of Privatization As already noted, in 2007, as in the previous years, no privatization transactions were implemented with regard to assets of national significance.

The most spoken about was the sale of blocks of shares in the companies УYakutugolФ (75% minus 1 share) and УElТgaugolФ (68.8%) for 58.196 billion rubles, which makes it possible to characterize this transaction as one of the largest deals of 2001Ц05. By its scale it is quite comparable with the sale of federal blocks of shares in the oil companies УSlavneftФ (74.95%) in 2002 and УLUKOILФ (7.59%) in 2004. However, the object of this transaction was not in federal ownership: the afore-said block of shares in УYakutugolФ, and also 39.4% of shares in УElТgaugolФ, were in republican ownership, after having been contributed, in advance, into the authorized capital of УRespublikanskaia Investitsionnaia KompaniiaФ [the Republican Investment CompanyФ], while a further 29.5% of shares were owned by the OJSC УRZhDФ (which was also the owner of the property complex being sold). True enough, in this transaction, as in the sale of numerous УYukosФТ assets, the seller was the Russian Fund for Federal Property (RFFP).

Apart from this, the large transactions (in the amount of more than 100 mn rubles each) handled by the RFFP over the past year include the sale, at auction, of the state-owned blocks of shares in the OJSC УThe Siberian Agency for Oil-Well ConstructionФ (SAOWC) (YamalNenets AO, 100% of shares, 741 mn rubles), УAirport УRoshchinoФ (Tiumen, 100%, 610 mn rubles), УStroipolimerkeramikaФ (Kaluga Oblast, 30.99%, 270.3 mn rubles), УThe Omsk Institute for Projecting Enterprises of the Oil-Processing and Petrochemical IndustriesФ (38%, mn rubles), У347 VoenproektФ (Samara, 100%, 134.262 mn rubles), УBelgorod OblastТs Printing HouseФ (100%, 137.262 mn rubles), and УThe Novosibirsk Prospecting ExpeditionФ (100%, 115 mn rubles). In the majority of these transactions, the selling price only slightly differed from the initial one. The only exception was the sale of shares in the OJSC УSAOWCФ, where the selling price exceeded the initial price by almost three times16.

Great progress was achieved with regard to realization of redundant military real estate.

In 2007, the RFFP sold 262 such objects for the sum of 1,454 million rubles, or by almost 75% more than in the previous year. For comparison: in 2006, realization of such real estate Kudriashov D. Stantsionnye smotriteli. [Stationmasters] // RBK daily, 18 May 2007, p. 6.

www.frpf.ru.

RUSSIAN ECONOMY IN trends and outlooks yielded 590.6 million rubles, in 2004 - 632 million rubles, and in 2004 - 590.6 million rubles.

The main bulk of redundant military real estate (94%) are buildings and constructions17.

The 2006 transformation of the RFFP into a budget-funded enterprise was a catalyst, of sorts, for further weakening of its positions in the administrative hierarchy. Immediately afterwards, the Federal Bailiff Service (FBS) and the Customs put forth proposals to deprive the RFFP of its exclusive right to realize arrested property transferred into state ownership. The importance of this aspect is attested to by the fact that in the year 2007, the Fund received 16.billion rubles-worth of such property, and the proceeds from sales amounted to 6.4 billion rubles. The above proposals have not been materialized as yet, and the realization of redundant military property is going on. In accordance with the RF PresidentТs Commission, of 16 May 2007, No. Pr-817, the Russian Fund for Federal Property (RFFP) and the Central Administration for Material Resources and External Economic Relations of the RF Ministry of Defense signed, on 4 June 2007, an agreement concerning the realization of redundant military property. In accordance with this document, the RFFP could commission the Central Administration to sell objects of real estate, which makes it possible to increase the volumes of realization due to the emergence of yet another trading floor.

In these conditions, various quasi-privatization procedures are increasingly gaining in importance, as exemplified by the transfer into ownership to the city of St. Petersburg of RFowned 100 % of shares in the OJSC УAirport PulkovoФ (St. Petersburg). The stated purpose of the transfer is to enable the government of St. Petersburg to attract investments in the amount of no less than 30 billion rubles into the comprehensive reconstruction and modernization of the air-transport infrastructure of the airport, which is to be done on the basis of a publicprivate partnership and in correspondence with a plan of measures concerning the reconstruction of the air-terminal complex the OJSC УAirport УPulkovoФ, to be approved by the city government. Similar decisions are being prepared with regard to a number of other airports as well.

Yet another potential claimant to the objects of the 2008Ц2010 Privatization Program are the state corporations which came into being last year. Thus, at the beginning of the current year, it became known that the federal blocks of shares in УKamAZФ (which had been repeatedly included in the previous privatization plans) and in УTechpromeksportФ (a large object planned for privatization in 2008) might be transferred to the corporation УRostechnologiiФ.

The latest УForecast plan (program) of privatization for the year 2008 and the main directions of federal property privatization for the years 2008Ц2010Ф was confirmed by Regulation of the RF Government, of 29 April 2007, No. 543Цr - that is, after an approximately fourmonths shorter interval than in the case of the previous similar documents. However, it does not differ much from its predecessors in any other respects.

In 2008Ц2010, it is planned to offer for sale blocks of shares in the joint stock companies created in the course of corporatization of state unitary enterprises, except for those JSCs included in the list of strategic ones, or taking part in the formation of integrated structures.

The annual budget receipts from privatization in 2008Ц2010 should amount to approximately 12 billion rubles.

Interview given by Deputy Chairman of the RFFP S. Maksimov to the newspaper УKrasnaia ZvezdaФ [the Red Statr], No. 14 (25017), 30 January 2008.

Section Institutional Problems Among other objects to be offered for privatization in 2008, there are the following ones:

- blocks of shares not exceeding 50% of the authorized capital of a given JSC, except for the blocks of shares in strategic JSCs or the JSCs taking part in the formation of integrated structures, and also the blocks of shares whose sale will be carried out so as to meet the needs of forming the federal budgetТs revenue in 2008 and for the period until 2010 in accordance with the long-term financial plan;

- blocks of shares in the JSCs of the fuel and energy complex, the electrical-power objects construction complex, the construction complex, external-economic organizations, civil aviation, healthcare, the chemical, petrochemical, and the printing industries, geology, fishing, poultry farming, the crop sector, the livestock sector, the woodwork and timber industry, the medical industry, and machine building, except for strategic JSCs (JSCs);

- FSUEs in the spheres of motor transport, the construction complex, civil aviation, geology, the oil-and-gas complex, the fuel industry, sea and river transport, the printing industry, healthcare, fishing, poultry farming, and animal husbandry (573 FSUEs);

- those properties of the RF Treasury which do not perform functions of state importance (101 objects), and shares in the authorized capital of limited responsibility societies (shares).

Of the big objects of federal property, it is planned to privatize, in 2008, federal shares in OJSCs УVO УTechnopromeksportФ and УKinostudiia УLenfilmФ (the Film-Making Studio УLenfilmФ).

In 2008Ц2010, the creation of integrated structures in the defense-industrial complex, and in the aviation, ship-building, nuclear, and space industries will continue. In 2009Ц2010, it is planned to privatize all the FSUEs not performing functions of state importance, as well as shares in the open-end JSCs created in the process of corporatization of the afore-said FSUEs.

5. 1. 4. The Activity of Big State Companies By and large, the trends of the past few years essentially analyzed in the previous annual reports, were demonstrating in the year 2007 their growing strength and ability for further development18.

So far as the creation of integrated structures is concerned, it is necessary, first of all, to note the adoption of the decision to merge УTransneftФ and УTransnefteproductФ, with all 100% of shares therein to be contributed to the authorized capital of УTransneftФ as a payment for the additional issue of shares. In addition to this, УTransneftФ received blocks of shares (24% in each) in the two operator companies of the УCaspian Pipeline ConsortiumФ situated in Russia and Kazakhstan, respectively. The said blocks of shares were transferred, without any contest, into trust management to УTransneftФ. It should be emphasized that this event was one of the examples, extremely rare in the 2000s, of transferring state-owned shares into trust management for the sake of their administering. And the transfer of the blocks of shares into See Rossiiskaia ekonomika v 2005 godu. Tendentsii i perspectivy [The Russian economy in the year 2005.

Trends and outlooks]. Vyp. [Issue] 27. Moscow: IET, pp. 423Ц467; Rossiiskaia ekonomika v 2006 godu. Tendentsii i perspektivy [The Russian economy in the year 2006. Trends and outlooks]. Vyp. [Issue] 28. Moscow:

IEPP, pp. 606Ц645.

RUSSIAN ECONOMY IN trends and outlooks trust management to УTransneftФ was carried out without resorting to a contest, in a blatant contradiction to the requirements of the normative-legal base adopted in the second half of the 1990s, however imperfect it might have been.

The situation with УTransneftФ has found its virtual reenactment in the contribution of the federal block of shares in the OJSC УNovoshipФ (50.34%) to the authorized capital of the shipping company УSovkomflotФ.

The creation of УThe United Shipbuilding CorporationФ (USC) (St. Petersburg), which was established in spring 2007, deserves to be described in more detail. By comparison with УThe United Aircraft Building CorporationФ (UABC), which had been created a year earlier, it has a more complex structure.

In parallel with the OSC proper, which is the head structure, the following entities are established as its subsidiaries: the JSC УThe Westaren Center of shipbuildingФ (St.

Pet5ersburg), УThe Northern Center of Shipbuilding Ship RepairФ (Severodvinsk, Archangelsk Oblast), and УThe Far-Eastern Center of Shipbuiding and Ship RepairФ (Vladivostok). The StateТs contribution to the creation of these centers is 100% minus one share in the three JSCs, and the monetary means in the amount of 75 mn rubles for each center.

In the future, by way of repayment of the additional shares to be placed by these subsidiaries in connection with their authorized capital being increased, the following assets should be contributed thereto:

- 100 % minus one share in the 4 OJSCs to be transformed from the existing FSUEs, and blocks of shares in yet another 3 JSCs of different size (the first one - 51%, the second one - 33.53%, and the third - 20.96%) - to the authorized capital of the JSC УThe Western Center of ShipbuildingФ;

- 100% minus one share in the 4 OJSCs transformed from the existing FSUEs (one of which should be preliminarily transformed by being joined by another 8 FSUEs) - to the authorized capital of the OJSC УThe Northern Center of Shipbuilding and Ship RepairФ;

- 100% minus one share in the 7 JSCs transformed from the existing FSUEs, and blocks of shares in another 3 JSCs of different size (two - by 20% each, the third one - 10%) - to the authorized capital of the OJSC УThe Far-Eastern Center of Shipbuilding and Ship RepairФ.

At the same time, the authorized capital of УThe United Shipbuilding CorporationФ is formed, from the very beginning, by the federal block of shares in one JSC (60%) and the monetary means in the amount of 25 mn rubles, as in the case of each of the three subsidiary JSCs19. Apart from this, because of the necessity to repay the additionally placed shares, the following assets should be contributed to its authorized capital: 100% minus 1 share in 6 JSCs transformed from the existing FSUEs, 2 minority federal blocks of shares (24% and 14.99% respectively), and, no later than the end of 2008, 100% minus 1 share in each of the three afore-said subsidiaries, on the completion of forming their authorized capital. The deadline for the formation of the USC is spring 2009.

So far as shipbuilding is concerned, apart from the creation of the USC, it is planned to reorganize 3 FSUEs into OJSCs with 100 % of shares therein to be in federal ownership. In the future, by way of repaying the additional placements of their shares, the following assets will be contributed by the RF to their authorized capital: blocks of shares in 2 JSC (38% and The allocation of the corresponding funds was envisaged in the Law on the 2007 Federal Budget.

Section Institutional Problems 29.7%), 2 JSC (25.1% and 37.99%), and 1 JSC (38% plus 1 share), respectively. Yet another FSUE will be reorganized by annexing to it 2 FSUEs, after which it will be renamed as a state scientific center (SCC).

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