The Russian President signed two decrees on the creation of Russian limited liability companies to transfer to them the stakes held by “unfriendly” foreigners in Gazprom's joint ventures – Severneftegazprom (developing the Yuzhno-Russkoye field) and Achimgaz and Achim Development (the Urengoyskoye field).
It is assumed that instead of “Wintershall Dea” (Germany) and “OMV” (Austria), a Russian joint-stock company “SOGAZ” will become a co-owner “Severneftegazprom”, and OOO “Gasovye Technologii” will acquire shares in “Achimgaz” and “Achim Development”.
Future shareholders are offered to purchase shares in the companies at market price, and the cash will then be credited to the "C"-type accounts of the former shareholders. All corporate contracts and agreements between the shareholders are terminated from the date of the decrees, but the remaining rights and obligations of the “old” companies are transferred to the new ones. In a month the new shareholders will adopt the charters of the companies, and all employees will be transferred to the newly created corporations. The size of the authorized capitals of the companies will not change, as well as the sole executive bodies will remain the same (subject to their consent).
It should be noted that at the beginning of the year “Wintershall Dea” announced its intention to withdraw from the Russian market, and “OMV” was also planning to reconsider its stake in the Yuzhno-Russkoye oil and gas field.
A spokesman for the Russian President claims that “there was and is no process of seizure [of assets from foreigners]”, the matter is only about the sale or transfer of assets of investors leaving Russia.
Sources:
Presidential Decree No. 965 of December 19, 2023 "On Special Economic Measures in the Fuel and Energy Sphere in Connection with Unfriendly Actions by Certain Foreign States and International Organizations";
Presidential Decree No. 966 of December 19, 2023 "On Additional Special Economic Measures in the Fuel and Energy Sphere in Connection with Unfriendly Actions by Certain Foreign States and International Organizations".
It is assumed that instead of “Wintershall Dea” (Germany) and “OMV” (Austria), a Russian joint-stock company “SOGAZ” will become a co-owner “Severneftegazprom”, and OOO “Gasovye Technologii” will acquire shares in “Achimgaz” and “Achim Development”.
Future shareholders are offered to purchase shares in the companies at market price, and the cash will then be credited to the "C"-type accounts of the former shareholders. All corporate contracts and agreements between the shareholders are terminated from the date of the decrees, but the remaining rights and obligations of the “old” companies are transferred to the new ones. In a month the new shareholders will adopt the charters of the companies, and all employees will be transferred to the newly created corporations. The size of the authorized capitals of the companies will not change, as well as the sole executive bodies will remain the same (subject to their consent).
It should be noted that at the beginning of the year “Wintershall Dea” announced its intention to withdraw from the Russian market, and “OMV” was also planning to reconsider its stake in the Yuzhno-Russkoye oil and gas field.
A spokesman for the Russian President claims that “there was and is no process of seizure [of assets from foreigners]”, the matter is only about the sale or transfer of assets of investors leaving Russia.
Sources:
Presidential Decree No. 965 of December 19, 2023 "On Special Economic Measures in the Fuel and Energy Sphere in Connection with Unfriendly Actions by Certain Foreign States and International Organizations";
Presidential Decree No. 966 of December 19, 2023 "On Additional Special Economic Measures in the Fuel and Energy Sphere in Connection with Unfriendly Actions by Certain Foreign States and International Organizations".