Gazprombank to obtain control over railway to Elga

As the Kommersant has got to know, Gazprombank will get control in the main assets of the Elga coal project of Mechel. The bank must have 75% of Elga-Road, which includes railway from the mine to the Baikal-Amur Mainline. The railway cost Mechel 70 billion rubles, in the future it is planned to be sold to Russian Railways. Gazprombank will receive 49% of shares in Elgaugol, which owns the license for the deposit itself, from structures of Mechel, and the company of Igor Zyuzin also must release 49% of the company from the pledge on VEB loan for $150 million.

Gazprombank and Mechel of Igor Zyuzin (he and his family own 67.42% of shares) plan to sign the final documents within the transaction on the Elga coal project in the first week or the first decade of April, sources of the Kommersant, familiar with the negotiations, report. According to two interlocutors of the Kommersant, Gazprombank will receive a controlling stake in the key asset of the project - 321 km railway Ulak - Elga from the deposit to the BAM, construction of which cost 70 billion rubles. According to the Kommersant’s information, the bank should get 75% of Elga-Road, created by structures of Mechel in January. It is planned to include the railway into this company. In the creation the Elga-Road’s registered capital was 10 thousand rubles, but, according to the data the Federal Tax Service, on March 15, the company filed documents to change its size and/or participants.