New sale auction for nationalized Kyrgyz company Petrol Group to be announced

A commission specialized in sale of Petrol Group Ltd. of Kyrgyzstan will announce a new auction for the sale of the nationalized facility, KyrTAG reported.

Such decision was taken at a meeting of the interdepartmental commission at the Office of the Kyrgyz State Property Ministry on Thursday.

The intergovernmental commission, which is specialized in sale of 100% of the facility's stock, ordered to announce a new auction after close joint-stock company BNK and Bishkek Oil Ltd. refused to sign the purchase/sale agreement.

Members of the commission changed the provision in order not to decrease the starting price by 25 percent in the event of refusal to buy the facility for the starting price, and to empower the Nationalized Property Management Fund (NPMF) to estimate value of the preliminary warranty payment.

"Value of the preliminary payment will be determined by the State Property Ministry and will be equivalent to 50 percent of the starting price. In the event of refusal to sign the auction protocol, like it happened in the case of BNK, the entire sum will remain state-owned," said Nazira Usenaliyeva, NPMF Director.

Members of the commission also decided to receive auction applications from all those who wish, and it is the commission to decide finally whether to partake or not in the voting.

The auction is preliminarily scheduled for December 6.

The Commission also decided not to pay back the warranty payment of 12 million som by Bishkek Oil.

As reported earlier, on October 17 the Uzbek Television and Radio Company broadcasted live auction for sale of 100% of Petrol Group's stock valued at 123 million som. BNK, after having offered 1.555 billion som, was declared the winner.

However, soon after the auction BNK notified the State Property Ministry that it refused to buy shares of Petrol Group.

On October 10, it was decided to declare another participant of the auction - Bishkek Oil - the winner. However, it also refused to buy Petrol Group's shares and appealed to court to be paid back the preliminary payment - 10 percent of the starting price - equivalent to 12 million som.

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