DOCSLIB.ORG

World Bank Document

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
World Bank Document PROJECT INFORMATION DOCUMENT (PID) CONCEPT STAGE Report No.:49085 Project Name Bratsk Hydropower Plant Power Generation Efficiency Public Disclosure Authorized Improvement Project Region ECA Sector Power sector (100%) Project ID P101997 Borrower(s) Russian Federation Implementing Agency Irkutskenergo (Irkutsk Joint Stock Company of Energetics and Electrification) Environment Category [ ] A [X] B [ ] C [ ] FI [ ] TBD (to be determined) Date PID Prepared March 11, 2009 Date of Appraisal 06/20/2009 (TBD) Authorization Date of Board Approval 07/15/2009 (TBD) Public Disclosure Authorized KEY DEVELOPMENT ISSUES AND RATIONALE FOR BANK INVOLVEMENT Russia is the third largest emitter of greenhouse gases, after the USA and China. Although Russia presently uses energy much less efficiently than most industrialized countries, it has ratified the Kyoto Protocol, thereby demonstrating its commitment to combat global climate change. Under the Kyoto Protocol, the Russian Federation is committed to stabilize its Greenhouse Gas emissions during the commitment period of 2008-2012 to 1990 levels. As a country that has adopted an emissions target, the Russian Federation can also participate in Joint Implementation (JI) projects. With it Russia could be the largest seller of quotas, and also potentially a large receiver of Joint Implementation (JI) investments. Public Disclosure Authorized One of the priorities of the Country Partnership Strategy (CPS) is to support Russia’s increasing global role, and to assist the country in fulfilling its global commitments in the framework of the UNFCCC. The Bank plays a leading role worldwide in the donor community in addressing global challenges of climate change. The World Bank, as trustee of various Carbon Funds, supports investment projects aiming at mitigating climate change via market-based flexibility mechanisms of the Kyoto Protocol such as Joint Implementation (JI) and Clean Development Mechanism. The purchase of the emission reductions (ERs) from such activities opens up a significant supplemental source of revenue for financing GHG emission mitigation projects. The World Bank has undertaken a pioneering role in developing the JI market in Russia, including capacity building workshops and conferences. With the prior experience of developing other carbon finance projects in the ECA Region, the Bank is well positioned to facilitate the transaction for this project. Public Disclosure Authorized Russia has significant potential to reduce carbon emissions through efficiency gains and reduced energy losses, resulting also in gains to the local economy and environment. The priorities for Russia’s state energy policy are formulated in the “Energy Strategy of Russia until 2020”. Since its approval by the Government on August 28, 2003, significant changes have taken place both in the external macroeconomic environment and in the Russian domestic energy market. In the context of high international energy prices, the state of the Russian energy sector has become a prominent issue for a number of energy-importing states, including many members of the EU. The current economic recession and significant drop of energy prices provides new challenges for the Russian economy and energy sector. At the same time, domestic energy demand in Russia is increasing at a much higher rate than previously forecasted. In accordance with the scenario of energy sector development the demand for investments in the sector will be about US$250-300 billion during the period of 2006-20. This market environment raises the importance of energy efficient and environmentally friendly technologies. There is a growing realization in Russia that energy saved by increasing deployment of energy efficient technologies can substantially contribute to the benefits from international trade in energy resources. As indicated above, huge investments are needed in the power sector. RAO UES has announced that large investments are foreseen in particular in the renewable energy sector, and namely in the hydropower sector. The rehabilitation of the turbines at the Bratsk Hydropower Plant within the JI project would become an example of how to use carbon finance to incentivize and facilitate upgrading of the electricity sector in Russia. PROPOSED OBJECTIVES The project development objective is to reduce GHG emissions by increasing power generation efficiency at 6 turbines of the Bratsk HPP and thereby generating zero emissions power that would otherwise be generated by the fossil fuel power plants of the Irkutskenergo power system, namely from relatively low efficient coal fired power plants. The project will generate 2,103,743 tCO2eq of emission reductions during the 1st crediting period between 2008 and 2012. PRELIMINARY DESCRIPTION Bratsk hydroelectric plant (BHPP) is the second HPP of the coordinated hydroelectric system downstream on the Angara river and the world’s leader in the total volume of electricity production since the first generating unit was put into operation. The installed capacity of Bratsk HPP is 4500 MW (18 generating units of 250 MW each). The annual output under the design is about 26-28 TWh. The share of BHPP in the total electricity production of OJSC «Irkutskenergo» is more than 40%. Due to the unique and sufficiently stable water resources, Bratsk HPP plays an important role in providing the steady-state reliable functioning of Irkutsk region. BHPP supplies electric energy through the Irkutsk power grid to the regional industries and residential consumers. Currently, the electricity production by “Irkutskenergo” energy system is generated by the hydro power plants that represent about 82% of the installed capacity and the remaining power is generated by the relatively low-efficient thermal power plants mainly consuming coal. BHPP generates «low-cost -must-run» electricity that is loaded at the maximum in the primary order. Overall, the BHPP generation can only be limited by the specified restrictions of water resources utilization provided by the Operative Group of the Ministry of Natural Resources that can give out the recommendations on running the water schedule.1 The project comprises the replacement of 6 impellers (blade wheels) of turbines No. 13-18 during the period from 2006 to 2010. The rehabilitation will increase the units’ generation efficiency up to 95.3% and provide supplemental generation of about 674 GWh per year by the six rehabilitated turbines. The supplemental power generation from the Project is expected to reduce about 2,103,743 tonnes of CO2 during the period 2008-2012 by displacing the power generation by fossil-fuel power plants of the Irkutskenergo power grid. The combined margin emission factor of the Irkutskenergo power grid is calculated ex ante at 0.833 tCO2/MWh. Without the contribution of the JI component, the rehabilitation of the turbines would not be economically feasible for “Irkutskenergo” and the wheels would continue operating based on their existing operational reserve beyond 2012. SAFEGUARDS POLICIES THAT MIGHT APPLY Safeguard Policies Triggered (please explain why) Yes No TBD Environmental Assessment (OP/BP 4.01) X The environmental category B was assigned due to the need for an EMP for the planned construction activities of the project. No significant negative environmental impacts are expected and the EMP will contain provisions mainly referring to good practice during routine civil and mechanical construction works. The main issues will likely relate to prevention of accidental pollution of the downstream aquatic environment, emission control (noise, dust), waste management and transport of the new turbine parts to the site (traffic safety, protection of local population on transport routes against noise, dust, exhaust emissions). This will include an assessment of the potential impacts of increased road traffic and the development related mitigation/ management measures. Natural Habitats (OP/BP 4.04) X Forests (OP/BP 4.36) X Pest Management (OP 4.09) X Physical Cultural Resources (OP/BP 4.11) X Indigenous Peoples (OP/BP 4.10) X Involuntary Resettlement (OP/BP 4.12) X Safety of Dams (OP/BP 4.37) X At an earlier stage of project preparation it was decided that the planned investment will not relate to the structural stability or performance of the dam. However during the Project Concept review the team will seek for the guidance on the issue of dam safety and if the full-scale dam safety analysis will have to be carried out later on. Projects on International Waterways (OP/BP 7.50) X 1 Water regime of BHPP which means the support of water level in the reservoir in the prescribed range, the control of overflow water in the period of snowmelt flood, etc. is specified by the Yenisei Basin Water Directorate, the requirements of navigation, conservation of fish resources in the river Angara and normal water stream in the lower reach is taken into account. Safeguard Policies Triggered (please explain why) Yes No TBD Projects in Disputed Areas (OP/BP 7.60) X Disclosure Policy (OP 17.50) X Safeguard documents will be disclosed prior to appraisal. FINANCING Source: $m Spanish Carbon Fund 13.5 (Preliminary estimated ERPA value) Total: 13.5 CONTACT POINT Helmut Schreiber Lead Environmental Economist World Bank Tel.: +7-495-745-7000 (ext.2057) Fax: +7-495-745-7002 [email protected] Russia Country Office 121069, Moscow Bolshaya Molchanovka street, 36/1 Russia FOR MORE INFORMATION CONTACT: The InfoShop The World Bank 1818 H Street, NW Washington, D.C. 20433 Telephone: (202) 458-5454 Fax: (202) 522-1500 Web: http://www.worldbank.org/infoshop .
Load more

Recommended publications
  • a Leading Energy Company in the Nordic Area
    - a leading energy company in the Nordic area Presentation for investors September 2007 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser. 2 • Fortum today • European power markets • Russia • Financials / outlook • Supplementary material 3 Fortum's strategy Fortum focuses on the Nordic and Baltic Rim markets as a platform for profitable growth Become the leading Become the power and heat energy supplier company of choice Benchmark business performance 4 Presence in focus market areas Nordic Generation 53.2 TWh Electricity sales 60.2 TWh Distribution cust. 1.6 mill. Electricity cust. 1.3 mill. NW Russia Heat sales 20.1 TWh (in associated companies) Power generation ~6 TWh Heat production ~7 TWh Baltic countries Heat sales 1.0 TWh Poland Distribution cust. 23,000 Heat sales 3.6 TWh Electricity sales 8 GWh 2006 numbers 5 Fortum Business structure Fortum Markets Fortum's comparable Large operating profit in 2006 NordicNordic customers EUR 1,437 million Fortum wholesalewholesale Small Power marketmarket customers Generation Nord Pool and Markets 0% bilateral Other retail companies Deregulated Distribution 17% Regulated Transmission Power and system Fortum Heat 17% Generation services Distribution 66% 6 Strong financial position ROE (%) EPS, cont. (EUR) Total assets (EUR billion) 20 1.50 1.42 20.0 16.8 17.5 17.3 1.22 18 15.1
    [Show full text]
  • An Overview of Boards of Directors at Russia's Largest
    An Overview of Boards of Directors at Russia’s Largest Public Companies Andrei Rakitin Milena Barsukova Arina Mazunova Translated from Russian August 2020 Key Results According to information disclosed by 109 of Russia’s largest public companies: • “Classic” board compositions of 11, nine, and seven seats prevail • The total number of persons on Boards of the companies under study is not as low as it might seem: 89% of all Directors were elected to only one such Board • Female Directors account for 12% and are more often elected to the audit, nomination, and remuneration committees than to the strategy committee • Among Directors, there are more “humanitarians” than “techies”, while the share of “techies” among chairs is greater than across the whole sample • The average age for Directors is 53, 56 for Chairmen, and 58 for Independent Directors • Generation X is the most visible on Boards, and Generation Y Directors will likely quickly increase their presence if the development of digital technologies continues • The share of Independent Directors barely reaches 30%, and there is an obvious lack of independence on key committees such as audit • Senior Independent Directors were elected at 17% of the companies, while 89% of Chairs are not independent • The average total remuneration paid to the Board of Directors is RUR 69 million, with the difference between the maximum and minimum being 18 times • Twenty-four percent of companies disclosed information on individual payments made to their Directors. According to this, the average total remuneration is approximately RUR 9 million per annum for a Director, RUR 17 million for a Chair, and RUR 11 million for an Independent Director The comparison of 2020 findings with results of a similar study published in 2012 paints an interesting dynamic picture.
    [Show full text]
  • Annual Report JSC “Quadra – Power Generation”
    Annual Report JSC “Quadra – Power Generation” 2012 Preliminarily approved by the Board of Directors of JSC “Quadra – Power Generation” Minutes #19 / 160 dated 29.04.2013 Approved by resolution of Annual General Shareholders Meeting of JSC “Quadra – Power Generation” “26” June 2013 Minutes #1 / 16 dated 27/06/2013 General Director of JSC “Quadra - Power Generation” V.V. Shelkov Chief Accountant of JSC “Quadra - Power Generation” I.A. Lapitskaya 2 Contents: Disclaimer 5 Address by the Chairperson of the Board of Directors to shareholders 6 Address by the General Director to shareholders 8 Introduction: TGC in the structure of sector 10 SECTION 1. JSC “Quadra – Power Generation” on the electricity and heat market 14 1. 1 Market position 14 1.2 Competitive environment and competitive advantages 16 1.3 Strategic areas of business 18 1.4 Risk map 21 1.5 Macroeconomic situation 27 1.6 JSC “Quadra – Power Generation” – 5 years of stable energy supplies 28 SECTION 2. Corporate governance 33 2.1 Corporate governance principles 33 2.2 General Meeting of Shareholders 34 2.3 Board of Directors 34 2.4 General Director. Management Board. 38 2.5 Committees under the Board of Directors 40 2.6 Internal Audit Commission 40 2.7 Remuneration 42 2.8 Internal control and audit 43 SECTION 3. For shareholders and investors 44 3.1 Joint-stock capital 44 3.2 Securities 44 3.3 Dividend history 48 3.4 Trading in securities 48 3.5 Compliance with the law on insider information 50 SECTION 4. Production activities 51 4.1 Main production indicators 54 4.2 Current sales indicators in terms of market segments 56 4.3 Energy saving and operational efficiency improvement 57 SECTION 5.
    [Show full text]
  • OAO IRKUTSKENERGO Address to Shareholders Performance OAO Irkutskenergo: PRODUCTION
    OAO IRKUTSKENERGO Address to shAreholders PerformAnCe oAo irkUtskenerGo: ProdUCtion ....................... 27 by the ChAirmAn hiGhliGhts ........................... 9 An overview ...................... 15 of the boArd ........................ 5 instAlled CAPACity rePort of direCtors GenerAl informAtion........ 16 of Power PlAnts ................ 28 Address to shAreholders on ComPAny by the GenerAl PerformAnCe .................... 11 ComPAny strUCtUre........... 17 Power GenerAtion ............ 28 direCtor .............................. 7 mAjor events PlAnts And fACilities ......... 18 ProdUCtion And develoPments ............. 12 PerformAnCe ..................... 31 Power GenerAtion ComPAny’s CAPACity of the ComPAny ... 22 ProCUrement ..................... 31 objeCtives, ACtivities, And fUtUre ........................ 13 shAreholder’s eqUity ....... 23 oPerAtionAl qUAlity of the Power system ......... 32 ProdUCtion effiCienCy imProvement ProGrAm ........................... 33 OAO IRKUTSKENERGO heAt And eleCtriCity orGAnizAtionAl investment soCiAl PoliCy ..................... 60 mArket .............................. 35 strUCtUre of CorPorAte ACtivities ........................... 57 mAnAGement ..................... 44 AUditor’s stAtement ......... 62 tAriffs And tAriff PoliCy ............... 37 stAndArdizAtion And streAmlininG enerGy sAles ...................... 38 of bUsiness ProCesses ....... 47 domestiC mArket ............... 40 finAnCiAl mAnAGement ..... 50 eXternAl mArket ............... 41 hUmAn resoUrCes .............. 53 environmentAl
    [Show full text]
  • INTER RAO Share Placement Price – 0.0535 RUB
    Additional share issue Fundamentals Basic results of Private placement : INTER RAO share placement price – 0.0535 RUB Number of shares issued – 13,800,000,000,000 common shares Total number of shares placed with the participants of private placement – 6,822,972,629,771 shares. A total of 49.4% of newly issued shares were placed Number of shares placed with Inter RAO Capital – 2,917,890,939,501 (including shares for deal with Norilsk Nickel, stock option program and future deals) Final volume of Inter RAO’s authorized capital after private placement - 9,716,000,000,000 ordinary shares (increase by a factor of 3.36) Value of the share capital of the Company - 272.997 billion RUB* Total value of assets acquired by Inter RAO within the private placement: • Shares of utility companies - 283.2 bn RUB** • Cash – 81.8 bn RUB Share of government and state-owned companies in the authorized capital of Inter RAO amounts to 60%; Registration of additional share placement report by Federal Service for Financial Markets is planned for June 2011 Newly issued shares should start trading in June 2011 and merge into main symbol in October 2011 (MICEX) * Par value of 1 share - 0.02809767 RUB ** Value of assets based on independent appraisers. It does not include assets that might be received by INTER RAO’ s subsidiaries (closed subscription participants) after May, 17 2 Ownership structure Equity structure before Equity structure to May 17, 2011 Target equity structure after deals placement Minority finalization shareholders Federal Property Federal Property
    [Show full text]
  • Jsc Atomenergoprom
    Credit rating: BBB-/Stable/A-3 National scale rating: ruAAA/--/-- ATOMIC ENERGY POWER CORPORATION JSC ATOMENERGOPROM PRESENTATION www.atomenergoprom.ru 1 Presentation contents ATOMENERGOPROM in brief Nuclear energy industry development forecast Affiliates of ATOMENERGOPROM www.atomenergoprom.ru 2 Restructuring of the atomic industry State Atomic Energy Corporation ROSATOM Atomic Energy Power Corporation JSC “Atomenergoprom” Nuclear and Nuclear Nuclear fuel Engineering Machine Power radiation safety, defense complex cycle export Engineering generation decommissioning Sales of Non - nuclear Nuclear Science Nuclear Navy Technology R&D uranium and development activities services Goals of the establishment of JSC “Atomenergoprom”: To consolidate the civil part of nuclear industry, to increase its efficiency and to enhance its competitiveness To split commercial and defense sectors of nuclear industry To provide conditions to meet requirements of international integration processes To realize effectively a large-scale program of NPP construction in Russia www.atomenergoprom.ru 3 General Company Information JSC Atomenergoprom was established in 2007 according to Russian Federation Presidential Decree № 556 dated 27.04.2007. The State Atomic Energy Corporation Rosatom owns 100% shares of JSC Atomenergoprom (Federal law N 317-FL of 01.12.2007) According to Government Decree N 319 “On Measures for Creation of Joint Stock Company “Atomic Energy Power Corporation” dated May 26, 2007 shares of Russian nuclear industry enterprises were contributed into the equity of JSC Atomenergoprom. The staff total is approximately 177,000 employees. JSC Atomenergoprom imbibes a unique experience, which has been accumulated through all sectors of nuclear fuel cycle and NPP construction during last 60 years. In 2008 consolidated proceeds of JSC Atomenergoprom constituted 290 billion RUR.
    [Show full text]
  • INTER RAO UES Generating Assets: Target Shareholding Structure
    INTER RAO UES Generating Assets: Target Shareholding Structure March,16 2012 1. Strategy recap and update INTER RAO at a Glance A Leading Russian Power Company Diversified Group Structure . Diversified power holding involved in electricity/heat generation and supply, export/import of electricity and engineering . Operates and manages 27 thermal, 2 hydro power plants and 1 wind power farm Domestic Engineering . Total installed electricity capacity of 29GW and electricity output of Generation Trading Supply International 117 TWh⁽¹⁾ in 2011 . INTER RAO – . RAO Nordic Oy . 9 supply companies . Generation: . Quartz Group . 2 Hydro PP - 0.2 GW Electrogeneration (Finland) . Customer base: . 4 Thermal PP - 5.2 GW . JV with Worley Leading Russian export-import operator accounting for 97% of Russian (100%) . Kazenergoresurs . 1 wind power farm - Parsons electricity export in 2011 . 314 thousand 0.03 GW . OGK-1 (75%) (Kazakhstan) legal entities and . Distribution . JV with Rosatom . OGK-3 (82%) . TGR Enerji (Turkey) . c. 34 ths. km of power . Operations in over 14 countries, including Russia, Belarus, Lithuania, 9.8 million . JV with GE lines (Georgia, residential . TGK-11 (68%) . INTER RAO Lietuva Armenia) Georgia, Armenia, Kazakhstan, Tajikistan, Moldova, and Finland . EMAlliance (the Baltics) customers Engineering (2) . Listed on RTS and MICEX (List A1), MCAP of $10.2bn. Shares are (2) included into MSCI Large Caps Index (0,54%) . GDRs admitted to LSE trading Ownership Structure Broad Geographical Coverage INTER RAO UES Finland Generation Assets
    [Show full text]
  • Russia CFO Route to the Top 2018 Edition
    Financial Officer Russia CFO Route to the Top 2018 edition A changing role for a maturing economy IntroductIon This report provides a fresh overview of Russia’s current serving genera- tion of chief financial officers. Our ongoing data analysis shows that the present cohort of professional CFOs at the largest publicly traded Russian companies is becoming more competitive and mature: » Managerial and professional capabilities are more valued than they were five to 10 years ago, when personal drive and ambition were more highly prized; » Companies prefer to appoint CFOs from the internal talent pool; » More CFOs are “first timers”: only 21% of current CFOs have previous experience in the role; » Average tenure increased by 14% in 2016 but levelled off in 2017; » CFOs are expected increasingly to play a more active part in commercial finance and to be capable of collaborating cross-functionally. These demands are proving especially challenging for many CFOs, and indeed represent the most commonly cited reason for departure from a post; » We note the continued professionalisation of the CFO role, including a wider recognition of the value of MBAs and qualifications such as those awarded by ACCA. russia cfo route to the top AGe The average age of CFOs at the largest Russian companies has increased from 44.7 years in 2015 to 45.4 in 2017. Average age of CFOs . . Three-year analysis . . Average age of CFOs by . . industry sector ▪ 2015 ▪ 2016 ▪ 2017 CON FS IND LS TMT Russia is gradually approaching parity with the mature CFO function found in the UK and US, where the average age of a CFO is 53.
    [Show full text]
  • Annu Al Report
    1 MOESK ANNUAL REPORT 2010 MOSCOW UNITED ELECTRIC GRID COMPANY 2 MOSCOW UNITED ELECTRIC GRID COMPANY CONTENTS Speech of the Chairman of the Board Speech of the General of Directors of JSC «MOESK» Director of JSC «MOESK» Schedule of milestones 6 8 10 ABOUT THE COMPANY ð. 12 1 1.1. Position in the field 1.2. Structure and characteristics of electric grid facilities 1.3. Top business targets and development prospects OPERATING ACTIVITY ð. 20 2 2.1. Transmission and distribution of electric power 2.2. Energy conservation and increase in energy efficiency 2.3. Technological connection 2.4. Maintenance and operation 2.5. Tariffs for transmission of power energy and fee for technological connection 2.6. Industrial and fire safety 2.7. Occupational safety 4 INVESTMENT ACTIVITY ð. 40 3 3.1. Parameters of investment activity 3.2. Allocation and structure of capital investments 3.3. Funding sources for investment program FINANCIAL AND ECONOMIC ACTIVITY ð. 46 4 4.1. Major results of financial and economic activity 4.2. Analysis of financial status and performance 4.3. Accounts receivable and payable 4.4. Lending policy 4.5. Allocation of net profit 4.6. Dividend policy 4.7. Execution of key persormance indicators 4.8. Information about the auditor CORPORATEC MANAGEMENT ð. 58 5 5.1.5 Principles of corporate management 5.2.5 Report of the Board of Directors on the results of development of core areas of activity 5.3. Governing and supervisory authorities 5.4. Criteria for calculation and amount of remuneration paid to persons being members of governing authorities and Auditing commission 5.5.
    [Show full text]
  • Rushydro Group's Corporate Sustainability and Social
    2011 RusHydro Group’s corporate sustainability and social responsibility report © 2011 JSC RusHydro About the Report This report reflects the essential facts and results of the operations of the RusHydro Holding in 2011 in three main areas of sustainable development achievement: ensuring the safety and reliability of the power supply, natural resources and environmental conservation and the responsible management of social impacts on the personnel of the Holding’s companies and local communities. Official site of the RusHydro Holding: www.rushydro.ru Central Office Address: 51 Architect Vlasov Street, Moscow, Russia, 117393. Forward-Looking Statements Data relating to the future provided in the Report based on forward-looking information. Such words as “believes,” “anticipates,” “expects,” “estimates,” “intends,” “plans” and similar expressions indicate that in this case these are forward-looking statements. Actual results may differ significantly from the plan and target indicators, expected results, estimates and intentions contained in the forward-looking statements. Forward-looking statements are only valid at the date of the Report. The Company does not guarantee that the expected results of operations contained in the forward-looking statements will actually be achieved, so they should not be considered as the most likely or standard scenario. The Method of Report Preparation The Report was prepared using the Electric Utility Sector Supplement of the Global Reporting Initiative (GRI) Guidelines. Compliance level with the GRI C C+ B
    [Show full text]
  • Prospectus of Issue of Securities) Issue) of Securities) Minutes № 71 FSFM of Russia Dated “ 01 ” November 20 08 (Name of the Registering Authority)
    Approved “ 30 ” October 20 08 Registered “ ” 20 The State Registration Number 1 - 0 1 - 6 5 0 1 8 - D - - - - - by the Board of Directors of JSC FGC UES (indicate the authority of the issuer that approved the (indicate the State registration number assigned to the issue (the additional Prospectus of issue of securities) issue) of securities) Minutes № 71 FSFM of Russia Dated “ 01 ” November 20 08 (Name of the registering authority) (Position and signature of an authorized person of the registering authority) Seal of the registering authority PROSPECTUS OF ISSUE OF SECURITIES Open Joint Stock Company “Federal Grid Company of the Unified Energy System” (full name of the company) ordinary registered uncertified stock (class, category (type), form of securities and their other identification characteristics) in the amount of 146,500,000,000 (one hundred forty six billion and five hundred million) shares with nominal value of RUR 0.50 (fifty kopeks) each (nominal value (if available) and number of securities, for bonds and option of an issuer, maturity terms should be specified as well) www.fsk-ees.ru (Web-site used by an issuer for disclosures) Information contained in the present prospectus of issue of securities is subject to disclosure in accordance with the Russian Federation laws on securities. THE REGISTERING AUTHORITY MAY NOT IN ANY WAY BE HELD RESPONSIBLE FOR THE ACTUALITY OF INFORMATION CONTAINED IN THE PRESENT PROSPECTUS, AND REGISTRATION OF THE SAID CIRCULAR MAY NOT BE HELD A DECLARATION OF ANY ATTITUDE TOWARDS THE SECURITIES ISSUED. This is to confirm the credibility of 2005, 2006 and 2007 financial (accounting) statements of the issuer and compliance of the issuer’s procedure of accounting with the legislation of the Russian Federation.
    [Show full text]
  • Securities Market Newsletter
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody June 15, 2017 Issue No. 2017/22 Economy Russia’s inflation stays at 0.1% in June 6-12 On June 15, 2017 the Federal State Statistics Service said that Russia’s consumer price inflation remained flat at 0.1% from June 6 through 12 for a third week in a row and reached 1.9% since January 1. Gasoline prices rose 0.3% and diesel fuel prices grew 0.2%. Company News Tatneft to close deal to buy RUB 14 bln shares in Bank ZENIT in June 2017 On June 8, 2017 it was stated that Russian oil company Tatneft would close a deal to buy RUB 14 bln worth of Bank ZENIT’s newly issued shares in June. In February, the bank’s shareholders approved issuing RUB 14 bln additional shares to boost the charter capital, which were to be sold privately to Tatneft to raise its stake to 71.12%. AK BARS Bank completes placement of RUB 10 bln extra shares On June 8, 2017 it was announced that Russia’s AK BARS Bank completed the placement of an additional share issue of RUB 10 bln, and the shares were bought by oil company Tatneft. Before the placement, the charter capital of the bank amounted to RUB 38 bln. Tatarstan president’s state housing fund had a 25.78% stake in the bank before the placement. The combined interest of Tatarstan’s Land and Property Ministry was 51.08%, of which 24.995% belonged directly and the rest through several structures including 4.04% through Svyazinvestneftekhim.
    [Show full text]