"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 OGK-1'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.
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