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16 May 2014

Tender to find investor to sell Grodno Azot shares soon

MINSK, 16 May (BelTA) – The tender to find an investor to buy the state-owned package of shares in the Belarusian company OAO Grodno Azot will be announced soon, the press service of the State Property Committee of Belarus told BelTA.

According to the source, the investor will be invited to buy 25% of the shares plus one share. Chairman of the State Property Committee Georgy Kuznetsov noted at a press conference earlier that the investor will have to pour roughly $400 million into the development of the existing enterprise and build a new manufacturing facility, which costs about $1.2 billion in line with the preliminary project. The investor is also supposed to possess raw materials (natural gas) for the sake of the manufacturing process.

The Committee mentioned a solid interest in the assets of the Belarusian enterprise on the part of potential buyers.

OAO Grodno Azot specializes in making liquid commercial-grade ammonia, nitrogen mineral fertilizers, commercial-grade methanol, caprolactam, liquid carbon dioxide. The enterprise was established in 1963 and was reincorporated as a public joint-stock company (OAO) in 2002. In September 2011 it was reorganized, with the fiber manufacturing factory OAO Khimvolokno becoming part of OAO Grodno Azot. OAO Khimvolokno is a major producer of polyamide and polyester fibers and yarns, cord fabric, polyamide 6, and polymeric composite materials.