Support The Moscow Times!

TGK-2 Seeks Foreign Funds

Loss-making utility TGK-2 is looking to foreign investors to buy into its 19 billion ruble ($629 million) additional share issue, with Sintez Group ready to cede control in the company.

“These are not Russian investors,” Sintez acting director Andrei Korolyov told a news briefing Monday.

Sintez owner Leonid Lebedev, a Russian senator, said the investors were not speculators. Sintez has previously said it was ready to reduce its stake in the company to 20 percent.

The government is keen to develop the power sector as part of a drive to improve infrastructure and diversify the economy away from oil.

Germany’s RWE had originally partnered with Sintez in the 2008 deal to buy TGK-2, but then pulled out, citing the global economic crisis. 

(Reuters)


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.