OREANDA-NEWS. February 8, 2008. "Ust-Luga Company" JSC approached the Government of Leningrad region with the proposal to grant it one more state guarantee of an entity in 2008 on security of the joint-stock company’s block of securities in pledge of the finance committee. On the instruction of Governor Valery Serdyukov a working group to view the proposal was formed and had its meeting.

During the discussion vice-governor Aleksandr Yakovlev noted that at the end of 2006 the company had already been granted state guarantees of Leningrad region amounting to 600 mln. rubles. On security of guarantee obligations the finance committee received the company’s shares in the form of the blocking shareholding amounting to 25% of the equity capital plus 1 ordinary share.

However, in 2007 "International evaluation center" JSC conducted the procedure of revaluation of the company’s shares that showed that the market value of the pledged securities considerably exceeded the state guarantee amount. As a result, the issuer applied for a new state guarantee of 1.4 bln. rubles.

Having discussed this issue the working group members unanimously thought it fit to grant the company new state guarantees subject to an independent expert appraisal or evaluation. The working group’s conclusions will be submitted for consideration to the Governor of Leningrad region.