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Sakhalinenergo Looking for Investors
OAO Sakhalinenergo is seeking investors to develop the island's electric system. Negotiations are underway with Rusal, Gazprom and Rosneft. They are complicated, however, by the fact that the company is seeking investment in a volume 20 times greater than its own worth. Company head Igor Butovsky said that 36 billion rubles are needed, of which 20 billion rubles will be come from the federal budget under the federal target program for the development of the Russian Far East.
A three-stage stock issue is planned to raise the remaining funds, with 1.6-billion rubles worth of stock to be issued in 2008 and 2009. The company's authorized capital is now 294.17 million rubles.
RAO UES of Russia owns 49 percent of Sakhalinenergo. Another 13 percent belongs to Edderbreche Ltd., the offshore company of Oleg Misevra. The decision to issue additional Sakhalinenergo stock was made by the RAO board of directors a week ago. The RAO share in the company will be reduced to 38 percent after the first stock issue. The company's total capacity is 529 MW, 98 percent of which is generated from coal, with natural gas accounting for the rest.
By 2020, the island will require an additional 450 MW of power and an additional generating block at the Soth Sakhalin generating plant. Analysts say that investment in Sakhalinenergo will not be easy to come by. Butovsky is counting mainly on Gazprom, noting that the gasification of the generating system would be attractive to the monopoly. Mezhregiongaz, which handles the monopoly's electricity projects, stated that Sakhalinenergo does not figure in its long-term plans, however.
www.kommersant.com
All the Article in Russian as of Oct. 05, 2007
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