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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

Thursday, Oct. 30


Dental-Expo St. Petersburg 2014 concludes today at Lenexpo. Welcoming specialists from throughout the federation, the forum is an opportunity for dentists to share tricks of the trade and peruse the most recent innovations in technology and equipment, with over 100 companies hocking their wares at the event.



Friday, Oct. 31


Put your grammar and logical thinking to the test in a fun and friendly environment during the British Book Center’s Board Game Evening starting at 5 p.m. today. The event is free and all are welcome to attend.



Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at today’s Grand Prix Fitness House PRO, the nation’s premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the city’s elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolan’s latest film “Mommy” at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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