Gazprom manager Kirill Seleznev will handle the strategic issues of the monopoly's electric assets.
Photo: Grigoriy Sobchenko
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Gazprom Packs Up Its Electricity Assets
The Gazprom board of directors approved on Tuesday the consolidation of the assets of electric companies controlled by it into Gazoenergeticheskaya Co., a wholly-owned subsidiary of Gazprom. The natural gas monopoly will form the largest electricity holding in the country and control about 30 percent of the market. TGK-1 and Mosenergo will be the first companies to be transferred. Gazprom owns 28.66 and 53.47 percent of shares in them, respectively.
A Gazprom source says the move will “allow us to include the financial indicators of electric companies in the Gazprom consolidated account and avoid the minor mistakes that arise when making a number of technical decisions without conciliating them with the central office of the monopoly.” Gazoenergeticheskaya already has on its books controlling packages in OGK-2, OGK-6 and small shares in TGK-11, TGK-12 and TGK-13, which Gazprom received in exchange for 10.5 percent of the reorganized RAO UES of Russia. Other electricity assets are on the books of Gazenergoprom Invest (12.22 percent of OGK-2 and 17.13 percent of OGK-6) and the rest of the stock is on the books of Tsentrenergoholding. Gazprom owns its shares in Mosenergo and TGK-1 outright.
The management of Gazoenergeticheskaya will remain unchanged. Its general director is deputy head of the Gazprom department of property management and corporate relations Igor Lipsky. The company’s legal department will be significantly expanded. It currently consists of five lawyers. Strategic and routine electricity issues are managed by the Gazprom department for the marketing and development of gas and liquid hydrocarbons, headed by Kiril Seleznev.
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All the Article in Russian as of Aug. 21, 2008
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