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Russian electricity group UES eyes acquisitons in China, Europe
AFP
MOSCOW
Petroleumworld.com 01 30 06The export unit of Russian electricity group UES is considering share acquisitions in China and Europe in order to become a major world player in the sector in the next five years, a source close to the company said Monday.
He said the UES would first transfer control of electricity power stations in Russia, Armenia and Tajikistan to its export subsidiary Inter UES, after which Inter UES would buy shares in companies in Asia, notably China, as well as in Finland, Turkey and eastern Europe.
The acquisitions would bring the capitalisation of Inter UES over the next five years to 14 billion dollars (10.8 billion euros), the source said.
Inter UES's development strategy will be assessed at an UES board of directors meeting February 9, according to a UES spokeswoman.
The company is 60 percent owned by UES, with the federal atomic energy agency Rosatom controlling 40 percent.
Inter UES currently controls electricity distribution companies in Armenia and Georgia as well as power stations in Armenia, Georgia, Moldova, Tajikistan and Kazakhstan.
AFP 29 1932 GMT 01 07
Copyright© 1999 AFP. All Rights Reserved.
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