Gazprom Seeks IES Asset

An affiliate of Gazprom may gain an 11 percent stake in Volga TGK owned by billionaire Viktor Vekselberg over a 16 billion ruble ($520 million) debt, Kommersant reported Friday, citing court documents and sources with knowledge of the company’s plans.

Gazprom wants the whole 48 percent in Volga TGK held by Integrated Energy Systems, Vekselberg’s power holding, to use in asset swaps with state-run Inter RAO, the report said.

Gazprom spokesman Sergei Kupriyanov, was not immediately available for comment. Spokeswoman for IES Nadezhda Rukina said Volga TGK, also known as TGK-7, is a strategic asset and declined to comment on the report.

(Bloomberg)

Read more