Gazprom Energoholding Plans to Enter Into a Joint Venture with Siemens
OREANDA-NEWS Gazprom energoholding (GEC) is preparing to change the "Power machines" of Alexei Mordashov, which fell under the sanctions of the US Treasury, in a joint venture with Siemens — Siemens gas turbine technologies (SGTT). "Gazprom energy" can get up to 50% in the JV after Siemens redeemed a share "Power machines". The joint company will fully localize the Siemens gas turbine in Russia so that it can be used for the modernization program of old thermal power plants. Gazprom energoholding as an energy company is able to act as a guarantor of orders. Analysts say "Gazprom energoholding" among key Siemens customers in Russia, but doubt that the mechanism of the program can guarantee the joint venture payback
German energy Siemens is considering purchase "Power machines" shares in their joint venture with the subsequent sale of 50% of the company "Gazprom energoholding". Now 65% belongs to Siemens, 35% — to "Power machines". GECH and Power machines have already held initial consultations on the entry of GECH into the authorized capital of the enterprise.
The agreement between Siemens and Power machines provides for the possibility of a" duel " — a mechanism in which the parties have the right of pre-emptive redemption of each other's packages. Thus, if the party receiving the purchase offer refuses the transaction, it is obliged, in turn, to buy out the partner's share at the offer price. The mechanism should be implemented by the end of 2019.
In January last year, the us Treasury imposed sanctions against "Power machines" because of the scandal with the supply of Siemens turbines for the construction of power plants in the Crimea.
Siemens and the "Gazprom energy" in the framework of the new partnership intend to achieve the complete localization of the gas turbine that could be used in the program of modernization of thermal power plants,— about such intention guide Siemens has repeatedly stated.