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State Found an Easy Way Out from Power
The state share in the OKG-3 wholesale generating company may be sold within months. Norilsk Nickel bought the stock in that company's additional share issue, sending RAO UES of Russia stock quotes soaring. The electricity holding intends to begin selling off state packages in other generating companies before its reorganization is over as well. Industry analysts say that move will simplify the final phase of the reform and permit RAO to sell the assets at the peak of their value. Meanwhile, Gazprom still has a chance to buy shares in generating plants under advantageous conditions.
A source close to the energy company said that the board of directors will consider the sale of the state package in OGK-3 to a strategic investor on March 30. Last week's successful sale of an additional issue of 37.9 percent of the shares in that company has moved the company to sell off more generating assets before the end of its reorganization, said RAO board member Alexander Chikunov, citing a March 2 government directive.
Earlier, it was planned to divide all 19 wholesale and territorial generating companies into state ad minority shares. In the second half of 2008, after the liquidation of RAO, it was planned to transfer all the state shares to OAO Federal Network Co. and OAO HydroOGK. Federal Network Co. and HydroOGK would then sell off the shares and use the proceeds in investment projects. Now those companies will be able to receive money immediately, bypassing the shares.
Sources at RAO say the new plan will prevent a deficit in financing for Federal Network Co. and HydroOGK. Industry analysts also say that the move is logical. David Hern, chairman of the RAO committee on strategy and reform commented that “First, it will prevent violations of the law, which says that Federal Network Co. cannot have generating assets. Second, it will prevent conflicts of interest.” Gazprom will not lose its chance to obtain shares under preferential conditions, however. “Sales will not be direct, but through an intermediate state holding, within which Gazprom can exchange assets with the state,” explained Dmitry Skvortsov of the Bank of Moscow. He noted that the essential of reorganization are not changing, only speeding up.
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