Inter RAO to open offices in Ecuador
MOSCOW. Oct 5 (Interfax) - OJSC Inter RAO UES , Russia's electric power import-export monopoly, plans to open offices in Ecuador late this year or early next, as per a decision made by the company board of directors at the end of September, company materials say.
Latin America is a priority market for Inter RAO. The company signed a protocol of intent with the Ecuadorian company Hidrotoari concerning hydro-generating projects in the context of a special agreement regime. The document stipulates Inter RAO's participation in the 246-mWt Toachi Pilaton hydroelectric project on the Toachi and Pilaton rivers in Pichincha Province.
Inter RAO is prepared to involve itself in transporting, delivering, installing, and testing and commissioning a complex of equipment ofr the station, as well as getting it into operation. The plan is for Roseksimbank to undertake to finance the work.
The company has also set up a joint venture with the Cuban company Union Electrica to increase cooperation. And discussions are being held regarding the building of generating facilities in Venezuela and Brazil, and an analysis of pilot projects in Nicaragua is underway.
Inter RAO also plans, tentatively before year-end, to open offices in Abu Dhabi, capital of the United Arab Emirates, and a wholly owned subsidiary for this purpose called INTER RAO Middle East B.V. has already been registered in the Netherlands.
The company is currently working out several promising projects in Middle Eastern countries.
Inter RAO owns and operates power assets in Russia and abroad. It is controlled by the Russian government via the state nuclear power corporation Rosatom and Vnesheconombank.