Rosneftegaz offering 30 bln rubles to support Lenenergo, may get controlling stake
MOSCOW. April 20 (Interfax) - Rosneft chief Igor Sechin and the head of Inter RAO Boris Kovalchuk have sent a proposal to Russian President Vladimir Putin to support the problem asset of Russian Grids , Lenenergo - with the provision of 30 billion rubles by Rosneftegaz.
After this, Rosneftegaz may receive a controlling stake in Moscow United Electric Grid Company (MOESK) and in Lenenergo, the Kommersant newspaper wrote on Monday with reference to an unnamed source.
This concerns the recapitalization of Lenenergo by 30 billion rubles. Actually these funds will be allocated for the acquisition of an additional share issue of the other subsidiary of Russian Grids, MOESK. After this, Rosneftegaz may receive 36.76% of the shares in Moscow United Electric Grid Company. It, in its turn, with these funds will acquire the additional share issue of Lenenergo, the newspaper said about the scheme of rehabilitating the St. Petersburg company.
Shares held by St. Petersburg's OJSC Petrodvorets Power Grids, JSC St. Petersburg Power Grids and the 24.99% of the Leningrad Regional Power Grid Management Company, which belongs to the Leningrad Region will go into the capital of Lenenergo.
As a result of the deal, MOESK may receive about 52% in Lenenergo. Sechin and Kovalchuk suggested that this proposal be implemented before October 1.
The presidential press secretary, Dmitry Peskov, confirmed Sechin and Kovalchuk had written to Putin, suggesting a plan to stave off Lenenergo's bankruptcy with Rosnftegaz funds, but he did not go into detail.
"I won't disclose the contents of this working, official correspondence. This is a corporate matter, so I won't say anything," Peskov told reporters.
But "there was such a letter," he said.
Energy Minister Alexander Novak told reporters his ministry had received the letter and would spend a month analyzing the offer by Sechin and Kovalchuk.
"We have to look at this issue in detail and, as per instructions, give our answer within a month," he said.
"There are a lot of interested parties there," he said.