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State Assets Support Siberia

Russia may consolidate government holdings valued at more than 500 billion rubles ($17 billion) in a state corporation to spearhead the development of Siberia and the Far East, Kommersant reported.

The Economic Development Ministry has proposed transferring assets including a 15 percent stake in Russian Railways, 18 percent in Alrosa, 15 percent in Federal Grid Company, 14.8 percent in Inter RAO and 15 percent in RusHydro. A working group headed by Deputy Economic Development Minister Alexandra Levitskaya is due to draw up documents to create the new entity by the start of next week.

Emergency Situations Minister Sergei Shoigu, who first outlined the plan to create the entity in January, is a candidate to head the company.

(Bloomberg)

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