Gazprom Mezhregiongaz demands 4.4 bln rbl debt payment from TGC-2

MOSCOW, Mar 4 (PRIME) -- Gazprom Mezhregiongaz, a unit of Russian gas giant Gazprom, has demanded Territorial Generating Company-2 (TGC-2) pay 4.4 billion rubles of overdue debt by May 1, but the debt is unlikely to be repaid, the power company said in a statement on Wednesday.

TGC-2 said it is unlikely to fulfill the requirement due to its weak financial performance and high interest rates .

“The gas supplier in fact wants the already debt-burdened company which is operating in conditions of mounting consumer debt for thermal energy and electricity (which stands at 7.4 billion rubles at the moment) deliver around one sixth of annual revenue during two months,” it said.

In January, TGC-2 suggested it transfer its property to Gazprom’s units as some debt repayment, while the remainder was to repaid from proceeds received from the establishment of joint ventures with Chinese investors at a meeting with Deputy Prime Minister Arkady Dvorkovich.

(62.3649 rubles – U.S. $1)

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