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Russian telecoms magnate eyeing Gazprombank's 49% stake in Elga coal project

A group owned by Russian telecommunications magnate Albert Avdolyan is looking to acquire a 49% stake in the Elga coal project in Russia from Gazprombank OJSC, Reuters reported Aug. 23.

The A-property group is currently seeking approval from the country's antimonopoly service, which confirmed the request, the report said. In a statement to the newswire, Gazprombank confirmed receiving an offer without providing details.

Gazprombank bought the stake for 34.3 billion Russian rubles in 2016 from Mechel PAO, a deal that gave the debt-laden Russian steelmaker breathing room from creditors, including the bank.

Mechel has reportedly been trying to offload its flagship project to pay off its mounting debt, but a deputy chairman of one of its state-owned creditors, PAO Sberbank of Russia, recently said that Mechel was still not yet ready to sell it.

Mechel expects to reach an agreement soon to defer repayment of debt due between 2020 and 2022.

As of Aug. 23, US$1 was equivalent to 65.93 rubles.