Transnefteproduct to be fully integrated in Transneft
The Russian state-owned pipeline company Transnefteproduct will not be Transneft's subsidiary after the merger, the latter company's General Director Semyon Vainshtock told journalists today. He pointed out that Transnefteproduct would cease to exist. He also said that the merger was a purely economic deal and had nothing to do with politics.
Vainshtock added that according to preliminary plan, the Russian Federal Agency for Management of Federal Property should sign a decree to boost Transneft's share capital. After that auditors will appraise Transnefteproduct's stocks. Vainshtock believes that the merger should be completed by October 2007.