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NRB Pins Ilyushin Hopes on Aeroflot Stake

Published: March 18, 2003 (Issue # 852)



  • The Voronezh aviation plant relaunched production of the Ilyushin Il-96-300 last Saturday for the first time since 1999.
    Photo: Lyuba Pronina / The St. Petersburg Times

VORONEZH, Central Russia - Many see little hope the stagnant aviation industry will ever get off the ground, but at least one bank is betting big on it.

In a move it hopes will help pull the industry out of its post-Soviet tailspin, National Reserve Bank is negotiating to buy Millhouse Capital's blocking 26 percent stake in flagship carrier Aeroflot.

"We hope to close the deal soon," NRB Deputy Chairperson Sergei Shakin said Saturday at the Voronezh aviation plant, where industry officials gathered to tout the resumption of production of the Ilyushin-96-300, the country's premium long-haul aircraft and a lower-budget version of the Boeing 767.

Millhouse manages the stake on behalf of Chukotka Governor Roman Abramovich and other shareholders of Sibneft who paid an estimated $120 million for it two years ago, but has been unable to make much use of it.

Shakin declined to provide details of the deal, but he made no secret that he hopes the stake will give NRB enough board clout to influence key decisions of the state-controlled carrier.

Specifically, NRB wants Aeroflot to buy more Ilyushin-96-300s.

The bank, together with Ilyushin, set up the Ilyushin Finance Company, or IFC, in 1999 and, two years ago, was one of two companies to win a government tender designed to help devastated domestic manufacturers by offering customers state-backed leasing options.

The other company chosen in the tender was Financial Leasing Co., which is mainly owned by the Tartarstan government and works with the Kazan aviation plant, which manufactures mid-range Tupolev Tu-214s.

Under the terms of the tender, each company was to sell a controlling stake in itself to the government for at least 1.5 billion rubles ($47 million), but it took more than a year for the money and equity to change hands, and IFC has yet to sell a single jet.

Now, however, NRB is hoping Aeroflot will make good on a letter of intent it signed in 1999 for six Il-96-300s, which would double the airline's fleet of the craft.

IFC was originally expected to deliver the planes in 2001, but the deal stalled.

On Friday, a group of Aeroflot managers sat down with IFC to discuss how the company wants its planes to be fitted before it will agree to buy them and the two sides seemed closer than ever to a deal.

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ALL ABOUT TOWN

Wednesday, Sept. 17


AmCham’s Investment and Legal Committee Meeting convenes this morning in their office in the New St. Isaac Office Center at 9 a.m.


Learn more about the science of teaching English at today’s EFL Seminar hosted by the British Book Center. Revolving around the topic of learning styles, the workshop will help attendees better understand the different effective learning methods that can be implemented to learn English more effectively.



Thursday, Sept. 18


Get your nerd on at Boomfest, St. Petersburg’s answer to the United States’ popular ComicCon. Starting today, this international festival of comics will take over venues throughout the city center and includes exhibitions of comics and illustrations, film screenings, competitions and the chance to meet the genre’s authors, artists and experts.



Friday, Sept. 19


SPIBA’s newest addition to their Cultural Discoveries events is “Handmade in Germany,” an exhibition featuring unique handmade objects of a significantly higher quality than mass-produced items. The work of over 100 German manufacturers will be displayed during the event, which opens today in the Lutheran Church of Saint Peter and Paul on Nevsky Prospekt and runs through Sept. 28.



Saturday, Sept. 20


Starting on Sept. 18 and ending tomorrow is the Extreme Fantasy Wakeboarding Festival in Sunpark by Sredny Suzdalskoye lake in the Ozerki region of the city.


Those after something more laid back can instead head to Jazz and Wine night at TerraVino with legendary jazz guitarist Ildar Kazahanov. 12/14 Admiralteyskaya Emb.



Sunday, Sept. 21


Learn more about African culture and get some exercise during today’s “Djembe and Vuvuzela,” a bike ride starting in Palace Square that includes several stops where riders can listen to the music of Africa or watch short films about the continent. The riders plan to set off at 4 p.m. and all you need to join is a set of wheels.



Monday, Sept. 22


Do you love puppetry? If so, then be sure to go to BTK-Fest, a five-day festival that starts on Sept. 19 celebrating the art. Contemporaries from France, Belgium, the U.K. and other countries will join Russian artists to put on theatrical performances involving a variety of themes, materials and eras. Workshops and meetings are also scheduled for a chance to discuss the artistic medium in further depth.



Tuesday, Sept. 23


Marina Suhih, Director of the External Communications Department at Rostelecom North-West, and Yana Donskaya, HR Director for Northern Capital Gateway are just some of the confirmed participants of today’s round table discussion on “Interaction with Trade Unions” being hosted by SPIBA. Confirm your attendance with SPIBA by Sept. 22.


Kino Expo 2014, an international film industry convention, will be at LenExpo from today until Sept. 26. The third largest exhibition of film equipment in the world, the expo focuses on not only Russia but former Soviet republics as well.



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