PRESS: Rosseti may buy 40.4% in Siberia IDGC from SUEK

MOSCOW, Aug 21 (PRIME) -- Power grid holding Rosseti seeks to buy a 40.4% stake in Siberia Interregional Distribution Grid Company (Siberia IDGC) from Siberian Coal Energy Company (SUEK), Kommersant business daily reported on Wednesday citing official correspondence.

Earlier in August, Deputy Prime Minister Dmitry Kozak ordered the Economic Development Ministry, the Energy Ministry, the Finance Ministry, and the Federal Antimonopoly Service to develop proposals to attract investments in the power grid complex and submit them to the government, the daily said.

According to a letter of the Energy Ministry to Kozak dated on August 6, the ministry and SUEK held talks over attracting private investments into Siberia IDGC in April. SUEK notified the ministry about the need to thoroughly develop the issue, but did not provide any proposals. The ministry believes it is early to further consider raising SUEK’s stake in Siberia IDGC taking into account Rosseti’s negative attitude to the issue.

Instead of the sale, Rosseti has proposed to buy out SUEK’s 40.4% stake in Siberia IDGC at a value defined with participation of international financial consultants.

Analysts have estimated that the stake could cost around 12 billion rubles.

(66.7840 rubles – U.S. $1)

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