Scheme of saving Lenenergo discussed at meeting with Putin, Russian Grids may get 32 bln rubles via OFZ
MOSCOW. June 15 (Interfax) - The issue of bailing out Lenenergo , which is controlled by state power grid holding Russian Grids and experiencing significant financial problems, was recently discussed at a meeting with Russian President Vladimir Putin.
It is most likely that the option of allocating 32 billion rubles to Russian Grids for the support of the company through a federal loan bond (OFZ) will be approved, two sources familiar with the results of the meeting told Interfax.
"An OFZ was agreed upon," one of the sources said, stating that this concerns providing Russian Grids with 32 billion rubles directly. This may be done through an additional issue of shares of the state holding, the source said. In the future, it is proposed that an additional share issue be held for Lenenergo, which Russian Grids will buy, providing the problem company with funds in this manner.
This information was confirmed by another source familiar with the results of the meeting. The source said that for now this decision has not been made and it is early to speak about the details.
It was not possible to receive commentary on this issue from the Energy Ministry. Russian Grids also did not comment.
