PRESS: RusHydro may exchange power plant, coal mine in Far East

MOSCOW, Jun 14 (PRIME) -- Power generating company RusHydro may sell Primorskaya GRES hydropower plant and the Luchegorsky coal mine in Russia’s Far East to get control over the debt of Far East Generating Company under an asset swap program with Andrei Melnichenko, the beneficiary of fertilizer producer EuroChem and Siberian Coal Energy Company (SUEK), Kommersant business daily reported on Friday citing sources.

The parties have preliminarily agreed that Melnichenko’s companies will reduce their stake in Far East Energy Company, Far East Generating Company’s parent.

The government has not yet made a decision on the deal, the sources also said.

Spokespersons for Deputy Prime Minister Dmity Kozak and RusHydro declined to comment.

Eastern Energy Company’s debt portfolio amounted to 59.2 billion rubles as of end of March.

(64.6314 rubles – U.S. $1)

End