Inter RAO's stake in Irkutskenergo to be assessed by end of Nov - Inter RAO top manager
MOSCOW. Oct 31 (Interfax) - The estimate of OJSC Inter RAO UES' 40% stake in OJSC Irkutskenergo for sale to Rosneftegaz will be ready by the end of November, Ilnar Mirsiyapov, Inter RAO's head of strategy and investment and managing board member, told Interfax.
"There still isn't an estimate. It is being prepared. We expect that the estimate will be ready in the second half of November," he said, declining to identify the assessor of the stake.
When asked whether the stake in Irkutskenergo would be sold to Rosneftegaz or OJSC RusHydro , Mirsiyapov said that the estimate will be prepared based on a decision from the Presidential Committee on the Fuel and Energy Complex. The decision states that "our counteragent in the deal is likely to be Rosneftegaz".
It was earlier reported that the Presidential Committee decided for Inter RAO to sell 40% in Irkutskenergo at market price to Rosneftegaz. Inter Rao CEO Boris Kovalchuk earlier said that this transaction would help cover the $1 billion deficit for the holding's investment program. The 40% stake in Irkutskenergo was estimated at 48.5 billion rubles. "We see no reasons why the company's capitalization should decrease," Kovalchuk said.
The stake in Irkutskenergo is necessary for RusHydro for a transaction with OJSC EuroSibEnergo, after which the hydroelectric company might receive 35% in EuroSibEnergo. Prior to this, in addition to the 40% stake in Irkutskenergo, RusHydro will likely transfer to EurSibEnergo a blocking stake in OJSC Krasnoyarsk Hydroelectric Power Plant (68.29% held by EuroSibEnergo), dams in the Angar HPP Cascade under Irkutskenergo's use, and a stake in OJSC Irkutsk Electronetwork Company , the latter of which will likely be transferred by the state to RusHydro in the framework of an additional share issue.
It was earlier reported that Inter RAO's stake in Irkutskenergo is on the roster of assets, which might be compensated with RusHydro's additional share issue. The hydroelectric company's shareholders will vote on the placement of the additional issue on November 16.
EuroSibEnergo controls Irkutskenergo.
