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Unified Energy System

March 2, 2004

RAO UES Implements First Project to Reduce Degree of Affiliation of Repair Companies

 

Moscow, 2 March 2004. OAO "Belgorodenergo" has determined the results of the auction to sell the 100% shares of OAO "Belgorodenergoremont".* This is the first project implemented by RAO "UES of Russia" to reduce the degree of affiliation of its repair and maintenance companies within the framework of the final phase of restructuring of the regional energos' repair business. A Moscow-based repair and maintenance company OOO "Ektostroy" became the winner of the auction among the 6 participants which offered the best price.

At its meeting held on 28 November 2003, the Board of Directors of OAO "Belgorodenergo" decided to sell 100% stake in OAO "Belgorodenergoremont" pursuant to the decision of the Management Board of RAO "UES of Russia" of 24 November 2003 and the decision of the Board of Directors of RAO "UES of Russia" of 31 October 2003, which had approved the sale of the regional energos' repair subsidiaries to the persons or organizations not related to RAO "UES of Russia" or its subsidiaries and dependent companies. This decision was also backed by the minority shareholders of OAO "Belgorodenergo".

The creation of a competitive market for repair and maintenance services in the energy sector is one of the key priorities in the restructuring of RAO "UES of Russia". The divestiture by OAO "Belgorodenergo" of its repair business is a practical step in that direction. Within the framework of reorganization of the regional energos and AO-power plants' repair businesses, over 100 repair units are to be divested (by now, over 70 of them have been separated).

* OAO "Belgorodenergoremont" is a wholly owned subsidiary of OAO "Belgorodenergo" specializing in repair and maintenance services. It was established on the basis of several repair and maintenance units of Belgorodenergo. The main lines of business for OAO "Belgorodenergoremont" are repair and modernization of mechanical, boiler, turbine, and network equipment, as well as construction of new facilities. The personnel of OAO "Belgorodenergoremont" is over 300 people. The company's sales in 2004 are anticipated at over RUB100 million.

 

 

 

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