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OGK-1 Goes to Dubai for $5.34Bln.
(From The Moscow Times)
OGK-1, the country's biggest wholesale power producer, will be sold to Dubai World for a record $5.34 billion, UES chief Anatoly Chubais announced Monday as he lowered the flag on Unified Energy System.
Chubais also said UES's privatization, which started in earnest in 2006 and ended Monday, shows that other state companies can and will be placed in private hands.
State-run Dubai World has signed a preliminary agreement to buy OGK-1 through its Moscow-based partner Roskommunenergo for 125 billion rubles, the biggest deal ever in the country's electricity industry, Chubais said at a news conference.
"We have agreed to sell each kilowatt [of installed capacity] for $516, which is 25 percent more expensive than the market price," he said.
UES, the former electricity monopoly, had been determined to get top dollar for OGK-1, which operates six plants and was the company's last major asset. UES rejected a $4.3 billion offer in May.
OGK-1 shares, which started trading in March, jumped 26 percent to close at 2.23 rubles on the MICEX.
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