Sechin Scraps Power Plan

Oct. 11, 2012

Rosneft chief Igor Sechin has abandoned a plan for state-owned holding company Rosneftegaz to buy stakes in state-controlled electric power companies, he said in an interview with the Financial Times.

When asked whether he was still proposing such a role for Rosneftegaz, Sechin said "no, of course not."

Sechin has been involved in a long-running dispute over the power industry's restructuring with Deputy Prime Minister Arkady Dvorkovich. Sechin previously proposed that Rosneftegaz use its vast revenues to acquire stakes in grid companies FSK and MRSK Holding, while Dvorkovich suggested that the money be paid as dividends to the government, which could then use it to buy shares in hydropower monopoly Rus-

Hydro.

Last week, Rosneftegaz, which holds stakes in Rosneft and Gazprom, transferred 50 billion rubles ($1.6 billion) in dividends to the government.

(MT)

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