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UES


CEP20020930000117 Moscow Interfax in English 1048 GMT 30 Sep 02

[FBIS Transcribed Text]


  MOSCOW. Sept 30 (Interfax) - The Board of Directors and top management of the Unified Energy Systems (UES) never proposed selling important core assets, UES CEO Anatoly Chubais said at the Friday board meeting during a telephone conference for shareholders.
  In response to a question about the company's moratorium on asset sales, he said that it was prompted by rumors of asset sales while in fact, only two deals were concluded, namely those for the Solikamsk and Shakhty heating stations, the share of which does not exceed 0.05% in core assets.
  Chubais confirmed that the moratorium will remain in force until a mechanism is developed with the involvement of minority shareholders to duly evaluate assets assigned for selling and distributing returns. The working group discussing this issue, among others, has been invited to report the first results to the board in two months.
  Chubais also commented on the board's decision regarding a program to improve liquidity. He added that the issue concerning the transformation of the ADRs of UES and its subsidiaries into ADRs of new companies formed in the process of restructuring is a priority issue. Since it is closely connected with the company's restructuring, the working group was invited to draft its recommendations for the ADR program.
[Description of Source: Moscow Interfax in English -- non-government information agency known for its aggressive reporting, extensive economic coverage, and good coverage of Russia's regions]

THIS REPORT MAY CONTAIN COPYRIGHTED MATERIAL. COPYING AND DISSEMINATION IS PROHIBITED WITHOUT PERMISSION OF THE COPYRIGHT OWNERS.


Unclassified

Russia: CEO Chubais calls for moratorium on sale of core UES assets


CEP20020925000096 Moscow Interfax in English 0657 GMT 25 Sep 02

[FBIS Transcribed Text]


  MOSCOW. Sept 25 (Interfax) - A moratorium should be imposed on the sale of the core assets of Russian electricity monopoly Unified Energy System, and on the distribution of options to buy them, UES chief executive Anatoly Chubais said on Wednesday.
  The moratorium should remain in place until "a mechanism for the fair appraisal of the company's assets is adopted by both majority and minority shareholders," Chubais said at a conference organized by Brunswick UBS Warburg.
  He said UES is halting a deal with Russian Aluminum on the completion of the Boguchany hydroelectric power station. UES had planned to take a loan of $10 million from RusAl, using the power station's shares as collateral.
  "We will not offer any shares in exchange for loans," Chubais said, remarking that this deal caused a negative reaction among market participants.
  The moratorium on the sale of assets is a part of a "new stage in the policy of the company's management." In general the position of company management in the course of UES' reform, as outlined by Chubais on Wednesday, is composed of seven main principles of relations with shareholders.
  These principles include refusing to mortgage shares and the proportional distribution of shares in the course of restructuring. Others include: maintaining the liquidity of the shares of UES and its subsidiaries during and after restructuring; preserving the priority of improving financial and operational indicators throughout the restructuring period; and a significant review of dividend policy in the interests of shareholders, Chubais said.
  He also said UES management wants a fair assessment of assets if they are transferred to the state in the course of restructuring. "There can be no transfer of assets to the state at below market prices," Chubais said, adding that the government's position on UES reform "coincides with the position of company management."
  Chubais said he was prepared to communicate more intensively with shareholders, and invited them to take an active part in work on the strategic plan for restructuring the company. He proposed setting up a working group that would include himself, representatives of minority shareholders and the consortium of Alfa Bank and Merrill Lynch that is advising the company. This group would fine-tune the strategic plan for restructuring (3+3 program) taking into account the interests of all parties, including minority shareholders.
  Among the problems that have arisen in the course of UES restructuring and caused the company's stock price to fall has been "insufficient consideration of the views of minority shareholders on reform, and lack of communication with shareholders on the goals and motives of the reforms, and the policy of management," Chubais said, adding that these shortcomings were the fault of UES leadership.
[Description of Source: Moscow Interfax in English -- non-government information agency known for its aggressive reporting, extensive economic coverage, and good coverage of Russia's regions]


Unclassified

UES should be ready to synchronize operations with Western grids by April 2004


CEP20020924000038 Moscow Interfax in English 0817 GMT 24 Sep 02

[FBIS Transcribed Text]


  MOSCOW. Sept 24 (Interfax) - Russia's Unified Energy Systems (UES) will be ready to synchronize operations with Western power grids by April 2004, chairman of the board of the dispatcher service of UES Viktor Pauli told journalists.
  He said UES chief Anatoly Chubais has set this deadline to guarantee all conditions for synchronizing operations with the West.
  Pauli said Russia should reach technological readiness for this goal before the autumn and winter peak in 2003.
  Chief of the UES scientific policy and development department Yuri Kucherov said that synchronization is a mutual process and an agreement with the other side is necessary. He stressed that the synchronization date has not been set, but remarked that "Russia can synchronize the operation of its energy system in a few months."
  Kucherov said UES can synchronize operations with Finland and several other West European countries.
  He quoted Western expert estimates that Russia will have to spend some $80-100 million to upgrade about 50 units and automated systems in the framework of preparing for synchronized operations.

[Description of Source: Moscow Interfax in English -- non-government information agency known for its aggressive reporting, extensive economic coverage, and good coverage of Russia's regions]



THIS REPORT MAY CONTAIN COPYRIGHTED MATERIAL. COPYING AND DISSEMINATION IS PROHIBITED WITHOUT PERMISSION OF THE COPYRIGHT OWNERS.


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