Board of Directors approves to buy TGC-1 stake
Release
A Board of Directors meeting has been held in absentia. The Gazprom Board of Directors approved a purchase of Russian Energy Projects Company (REP) and stake in Territorial Generating Company #1 (TGC-1).
Background
TGC-1 is a subsidiary of RAO UES of Russia. The company was established in March 2005 and supplies electricity and heating energy to four constituents of the Russian Federation including Saint-Petersburg, the Leningrad and Murmansk Oblasts, Republic of Karelia.
REP is a company acting in the interest of the Gazprom Group submitting an application to purchase a stake in TGC-1 in the frames of an additional emission of shares and sale of the governmental stake of TGC-1.
In September 2007 REP fought off competition to purchase TGC-1 shares issued due to the additional emission of shares.
Information Directorate, OAO Gazprom