Gazprom sells TGK-1
Russian energy major Gazprom has sold 11 percent of the TKG-1 company – the biggest electric power generator in Northwest Russia. The buyer is Gazprom’s own subsidiary company Gazoenergeticheskaya Kompania (GEK).
The deal, approved by Gazprom’s Board of Director last week, is made in order to “form a unified system of corporate management”, newspaper Vedomosti reports. In addition to the transfer of the 11 percent of TGK-1, the GEK will also buy another 17,7 percent of the company. The price tag on the deal remains unknown. It is also not clear why the GEK will have to buy the 17,7 percent of TGK-1 While Gazprom’s control over TGK-1 today does not exceed 30 percent, the energy giant will soon increase its stake in the company. A deal between Gazprom and RAO UES agreed upon in February this year gives the gas company the right to acquire a major share of a planned stock emission. When completed the deal will boost Gazprom’s control over the TGK-1 to 46,4 percent. A part of GEK’s portofolio will also be 53,47 percent of the Mosenergo company
