Inter RAO, Bashkortostan govt sign energy cooperation agreement
MOSCOW. June 21. (Interfax) - Russian energy company Inter RAO UES and the government of Bashkortostan have signed a five-year cooperation agreement on energy, Inter RAO said in a press release.
The document was signed in association with Inter RAO's intention to acquire a controlling stake in OJSC Bashkirenergo by the end of this year.
The parties agreed to jointly develop Bashkortostan's energy sector by modernizing existing and developing new energy facilities. Besides that, they will define the parameters and scenarios for long-term tariff regulation, the press release said.
Inter RAO and AFK Sistema have signed an agreement to reorganize Bashkirenergo by unevenly dividing it into two companies - Bashenergoaktiv (generating assets) and OJSC Bashkir Grid Company. Inter RAO will get over 75% of Bashenergoaktiv, and Sistema will get over 75% of the grid company. In order to do so, Inter RAO will buy 40% of shares in Bashkirenergo from Sistema for up to 14 billion rubles.
At the moment, AFK is the controlling shareholder in Bashkirenergo, and Inter RAO holds a blocking stake.