ECONOMIC DEVELOPMENT, INDUSTRIAL MINISTRIES DEVELOP STAND ON IRKUTSKENERGO PRIVATISATION

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MOSCOW, June 12 (RIA Novosti) - The economic development and trade, industrial and energy ministries have for one to two months been developing a stand on the privatisation of Irkutskenergo, Kirill Androsov, board director at the Economic Development and Trade Ministry, told journalists.

The matter was in discussion at a recent cabinet conference chaired by Vice-Premier Alexander Zhukov. On Friday the ministry got a protocol of the conference with the instruction to study the set-up and submit proposals.

The matter defies solution without putting the Irkutskenergo situation in line with the current legislation, Androsov said.

"Irkutskenergo should conclude a contract on on-line supervisory control with the system operator of the Russian Central Supervisory Control and one with the Federal Grid Company for electricity supply", Androsov said.

The company's use of hydro dams, now held in federal ownership for whose lease Irkutskenergo is paying nothing, should also be regulated, he continued.

There exist three options here, he specified. "The state leases dams, sells them or makes them part of the authorised capital, in this way increasing presence in Irkutskenergo", the ministerial official explained.

All such things should be studied together with the Irkutskenergo share-holders. "Otherwise, you cannot say if sale of the company's state-held block of shares is expedient", he summed up.

The Zhukov-chaired conference also focused on the de-privatisation of the Sayano-Shushenskaya hydraulic power station. The two ministries have been instructed to look into all the possible effects - corporate and macroeconomic - of de-privatisation.

In early November 2003 the Property Ministry (now the Federal Property Management Agency) submitted proposals to the government on sale of the entire state-held block of Irkutskenergo shares in the 2004 first half (the state's share is 40 percent).

Irkutskenergo is the third national producer of electricity (7.5 percent), second of heat (5.8 percent) and the largest regional energy company outside of RAO Russia's UES' control.

The main share-holders of Irkurtskenergo are the companies kept in hand by Oleg Deripaska (Basic Element and Rusal - over 30 percent) and Victor Vekselberg (SUAL-holding - over 10 percent). Their shares are in Eurosibenergo's integrated control.

The rated capacity of Irkutskenergo's power stations - Irkutskaya, Bratskaya and Ust-Ilimskaya - is 12,880 megawatts. The total length of its grids is 33,144 kilometres.

Irkuskenergo's authorised capital equals 4,766,807,700 roubles, divided into ordinary one-rouble shares.

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