22 Oct 2009 17:46

OGK-3 to make decisions on sale of treasury stock, Norilsk shares in 6 wks

MOSCOW. Oct 22 (Interfax) - The board of directors of OGK-3 might make decisions on whether to sell treasury stock and the stake it holds in MMC Norilsk Nickel in the next four-six weeks, General Director Vladimir Kolmogorov told journalists.

"No decision on the treasury stock has been made. It is being examined by the board of directors," he said.

OGK-3 holds about 4% of its shares as treasury stock. It purchased the shares in 2008 from shareholders opposed to the reorganization. The genco also owns roughly 0.4% in parent company Norilsk Nickel.

The possible form for sale of the two holdings has still not been decided. The two decisions will be made separately.

OGK-3 will sell the shares in RUSIA Petroleum that it purchased from Interros companies in one-two years. Most likely the asset will be sold on the open market. "We don't think now is the time to sell the stake. We will wait for a better opportunity," Kolmogorov said.

OGK-3's investment program to 2020 will total about 92.3 billion rubles. Previously the investment program to 2013 had totaled an estimated 90 billion rubles.

The genco plans to build two 225-megawatt blocks before 2013, although construction of one has been moved back one year. OGK-3 is also focused on carrying out the investment project in the Sochi region: construction of the Dzhubga combined heat and power plant, which the government has designated to supply the 2014 Winter Olympics.

In addition, by 2019 OGK-3 plans to build 170-megawatt power block at the Yuzhno-Uralskaya-2 district electric station (GRES) in place of the 450-megawatt block announced earlier.