Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Koreans Eye Power Firm

A joint venture of South Korea's Kowepo and North Caucasus Resorts is in talks on operating North Caucasus IDGC, a power transmission company, Kommersant reported  Tuesday, citing sources.

North Caucasus Resorts is controlled by businessman Akhmed Bilalov.

The parties in the venture, called Eurasia Energy Holdings, are negotiating with North Caucasus IDGC and the Federal Grid Co.  for the provision of "technological and managerial assistance," the sources said.

On Monday, Deputy Prime Minister Arkady Dvorkovich met with Federal Grid Co. CEO Oleg Budargin and representatives of Kowepo and North Caucasus Resorts to discuss North Caucasus IDGC's financial situation, the report said.

Eurasia Energy Holdings, which has invested more than $1 billion in North Caucasus' energy sector since 2011, offered to help solve the problem of widespread customer nonpayment and major power losses,  Kommersant said.


Read more