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Belarus and Russia disagree on terms of MAZ-KamAZ link-up project, Belarusian first vice premier says

Belarus and Russia so far have not agreed on the terms of a link-up between Minsk Automobile Plant (MAZ) and Russian truck maker KamAZ, Belarusian First Deputy Prime Minister Uladzimir Syamashka told reporters in Minsk on Wednesday.

A working group has discussed the integration project for one and a half weeks but so far has not reached any agreement, Mr. Syamashka said, adding that the issue would be discussed again in St. Petersburg on May 23.

KamAZ is ready to establish a joint holding company with MAZ only if the two manufacturers contribute their stakes to it, Mr. Syamashka said.

The possibility of merging the assets of MAZ and KamAZ has been discussed since 2010.

Alyaksandr Lukashenka has repeatedly signaled his opposition to a link-up that would involve a share swap.

The Belarusian leader said in 2013 that if KamAZ was not interested in cooperation with MAZ without acquiring its shares, Belarus would take this in its stride.

Merger proposals may be accepted only if Russia promises to invest in the development of MAZ, increase its output, introduce new technologies and find new export markets, but no such promises have been given, Mr. Lukashenka said.

Heorhiy Kuznyatsow, head of Belarus` State Property Committee, revealed in February 2013 that Belarus and Russia had finally agreed to the values of MAZ and KamAZ set as a result of appraisals. Belarus would contribute a 75-percent stake in MAZ to a holding company called Rosbelavto, while Russia would contribute a 49-percent stake in KamAZ, he said. //BelaPAN