Board of Directors agrees on deals with Mosenergo and TGC-1 shares
A Gazprom Board of Directors’ meeting has taken place in absentia.
The Board of Directors agreed on an increase in the authorized capital of Gazoenergeticheskaya Kompaniya (GEK) by contributing Gazprom’s 53.47 per cent of the shares in Mosenergo and 28.7 per cent of the shares in TGC-1 as well as on the acquisition of 17.7 per cent of the shares in TGC-1 by GEK.
The deals for GEK to consolidate newly purchased power assets will be made with a view to establishing an integrated corporate power assets management system meeting the requirements imposed towards corporate management systems in Gazprom Group.
In April 2007 the Board of Directors of Gazprom endorsed the Company’s Power Generation Strategy mainly focused on enhancing Gazprom’s capitalization by boosting returns on equity capital, optimizing Russia’s fuel balance and achieving a synergetic effect in the gas and power sectors.
The Strategy contemplates setting up a holding company for the consolidation and integration of power assets in Gazprom Group. Gazoenergeticheskaya Kompaniya represents such a holding company and is wholly owned by Gazprom.
The major assets of Gazoenergeticheskaya Kompaniya are currently as follows:
- 99.2 per cent of the shares in Tsentrenergoholding owning inter alia 44.4 per cent of the shares in OGC-2, 42.9 per cent of the shares in OGC-6, 4.8 per cent of the shares in TGC-13 and 4.4 per cent of the shares in Kuzbassenergo;
- 8.3 per cent of the shares in INTER RAO UES;
- 4.4 per cent of the shares in FGC UES.
The Director General of Gazoenergeticheskaya Kompaniya is Igor Lipsky.