Headline: Offering a challenge to Gazprom Source: Euromoney Date: April 2001
The bank had high hopes that Dubinin, a long-time associate of the EBRD, could shift the Gazprom board towards greater openness. EBRD first vice-president Charles Frank says: “We took it as a very positive sign when he went to Gazprom because he’s got a good reputation and we felt that he would be a positive force within the company, so we maintained that relationship. We want to develop a dialogue with these people”. These high hopes quickly led to discussion of the bank lending Gazprom $250 million, but this was conditional on Dubinin having his way and pushing through big changes. Frank says: “Dubinin had made it clear to us that they had a desire to get to the capital markets without having to pledge revenues from sales to eastern Europe, central Europe or Turkey. |