As a result of privatization auction, incomplete JSC Polyef was purchased by polyethylene producer – Selena Group (Moscow region). Its head and joint proprietor A. Bondaruk announced that Bashkirian chemical factory was purchased so that Selena Group could enter production sector. RFFI that possessed 100% of shares put up to auction shares of factory under “Dutch system”. That means the winner is the first to claim. Shares at price 3,038 milliard rubles were purchased by JSC Selena. Besides the money for shares Selena should clear off credit debts of the Bashkirian company that amount to 6,7 milliard rubles. Public relations officers of Federal Anti-monopoly Service report that Selena was not authorized by the department to purchase Polyef.
But last year such a license was given to joint venture of SibUr and Lukoil-Neftekhim which, according to the Federal Anti-monopoly Service, was established for purchasing the factory in Bashkiria and for further development of terephthalic acid and polyethylene terephthalate production. Public relations office of the Federal Anti-monopoly Service refused to give more detailed comments. Public relations office of RFFI states that Selena can get a license from Federal Anti-monopoly Service in the process of contracting for purchase of shares. Deputy general director and joint proprietor of Selena Group V.Kaniber provided RFFI with a copy of pay-sheet stating that all the money for Polyef purchased at the auction was transferred to the account of RFFI. The top manager of Selena refused to disclose sources of financing the bargain. He said however that a credit line for purchase had been opened in a large Russian bank. Mr.Kaniber denied the information that commerce bank IRS was involved in the purchase of the Bashkirian company. – Nowadays general director of our group A.Bondaruk bears only formal relation to this bank, and commerce bank IRS itself does not have financial resources to give credit for 100 million dollars, emphasized Mr.Kaniber.
As a source of information in Bashkirian government reported, money for purchasing the company was provided for Selena by Vneshtorgbank. V.Kaniber supposed that in future credit resources of foreign banks could be attracted for investing in Polyef production. According to Mr.Kaniber, it is difficult to determine a certain sum of investments which will enable to provide planned production capacity in 2 years. But this sum will influence credit and investment policy. As various experts think over 300 million rubles are needed to launch the complex. Senior vice-president of SibUr Dmitry Konov said Polyef was rather difficult to afford, especially at the price it was purchased. We estimated efficiency of the project at various prices, and the price over 100 million dollars makes it inefficient from economic point of view. Management of JSC Polyef has already offered group of companies Selena their own suggestions on completing polyether production.