Rosneft purchases bankrupt oligarch Mikhail Baghdasarov`s assets in Armenia

ArmInfo. Rosneft acquired for 40 mln USD Petrol Market company, which belonged to Mika Limited, owned by Armenian oligarch Mikhail Baghdarsarov turned bankrupt in 2014. Baghdasarov is known as a former owner of ArmAvia company, Armenian national air carrier, which does not exist any more.

As well-informed sources informed ArmInfo, Petrol Market's main assets were not the chain of filling stations and petroleum tank farm, but a Surenavan bitumen plant Abit LLC, which was put into exploitation in 2009. The Mika Corporation holding company and Cyprus offshore company (which was more likely also under Baghdasarov's control) invested 20 mln USD in the construction of the plant.

According to ArmInfo's data, earlier the company was registered as "Bitum Market", but in April 2015 it ceased operation and Mika Limited, registered in American offshore in Jersey, became its legal successor.  Balance cost of the company's 100% share totaled 5.65 bln AMD (nearly 11.5 mln USD).  RN Yerevan, an Armenian company, registered by Rosneft, became the formal purchaser of the Petrol Market.

The construction of a bitumen plant was determined by the state's steady demand for asphalt covering, particularly related to the launch of North-South Road Corridor construction process, which lies from the Iranian border to the Georgian one. If prior to the establishment of the plant Armenia received bitumen from Iran, since than Russia became the main supplier of the raw material for the new plant (possibly it was Rosneft). Russia yearly supplies Armenia with 29.2 thousand tons of oil tar under the intergovernmental agreement.  The plant has a capacity of producing of up to 43 thousand tons of road bitumen annually.

According to ArmInfo's experts the Rosneft's information about the acquisition of "a chain of filling stations and a petroleum tank farm" are only partly close to realty, if only the petroleum tank farm is not considered a bitumen plant, which is equipped with up-to-date equipment, the project of technological installation of which was done by Russian CJSC Oniks. As it is known, the main part of Mika Limited company's assets, including the large cement plant in Hrazdan city, were placed at the disposal of loaner banks, related to the significant debts of ArmAvia. In this context the filling stations, which remained on Baghdasarov's balance, could not be estimated in such a big for Armenia sum.

Earlier, as part of his visit to Armenia the company's President Igor Sechin and General Director of L.L.C.  Rosneft-Armenia Artur Alaverdyan signed a contract for oil- products deliveries to Armenia within the framework of the joint venture, - L.L.C. Rosneft-Armenia - created on the 10th of December 2013 between Rosneft and its Armenian partner Oil Techno.  With the purpose of further deepening presence in the marketing value chain the companies started studying acquisition of assets in the sphere of wholesale and retail trade of oil-products, including oil-product storage capacities and an aircraft refueling business.