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Khristenko to Find 3.1 Trillion Rubles to Deal With Energy Shortage
The electric power industry is no longer a containing factor for Russia’s economy, Prime Minister Viktor Zubkov told the cabinet yesterday. But Energy and Industry Minister Viktor Khristenko promptly stepped in to specify that the threat of energy shortage will be eliminated only by 2010. According to the analysts, the reorganization of RAO UES of Russia yields the result, but it was the warm weather that solved the better part of energy problems in 2007.
The cabinet focused yesterday on progress in reorganization of electric power industry in Russia. “The definite results have been attained already. Electric power industry is no longer the containing factor for growth of country’s GDP… The real investments, including over 500 billion rubles from selling the stocks of energy companies, have reached the industry,” Zubkov declared triumphantly.
But the optimistic statement of prime minister didn’t last for more than a couple of hours. “The government’s chairman said there were no reasons that would prevent the electric power industry from developing and meeting all requirements of economy. Does it mean we have no problems with energy supply already in November 2007? Of course not,” Industry and Energy Minister Viktor Khristenko explained to reporters after the cabinet’s sitting.
Khristenko promised to eliminate the threat of energy shortage only by 2010, pointing out that the greatest shortage has been recorded in Tyumen, St. Petersburg and Moscow and that his ministry is elaborating special proposals for them. The investment program of electric power industry is estimated at 3.1 trillion rubles by 2010. Generating companies have raised 500 billion rubles by placing the stocks and selling a portion of assets, and the figure is to double by July 1, 2008.
”If taking the standard pattern of supporting investment project, it is just the equity of 30 percent that is available. If you add another 70 percent to it, you will get the sought figure of roughly 3 trillion rubles that is required for development,” Khristenko specified.
www.kommersant.com
All the Article in Russian as of Nov. 02, 2007
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