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OGK-1, majority owned by Unified Energy System, said Thursday that it had created a joint venture with TNK-BP, which UES chief Anatoly Chubais hailed as "a sign of a positive future" for the embattled oil firm.
"The decision on the joint venture ... shows that the TNK-BP shareholders, despite the disagreements between them, managed to work out a common position on the project, which is especially important for the Russian energy sector," Chubais said in a statement.
The venture was created to build a third unit with a capacity of 800 megawatts at 's Nizhnevartovskaya power station, which supplies TNK-BP in the Tyumen region.
The firm's start-up capital will include 100 percent of the Nizhnevartovskaya station shares from OGK-1, while TNK-BP will invest $360 million. The rest of the money needed for the unit's construction -- $800 million to $1.1 billion -- is to be borrowed as a syndicated bank loan, RIA-Novosti reported.
Chubais Praises TNK-BP Shareholders
27 June 2008
The Moscow Times
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