Eurasian Development Bank signs co-operation memorandum with Russian industrial group En+ Group at Petersburg international economic forum
22.06.12 15:25
/KASE, June 22, 12/ - Eurasian Development Bank, whose bonds are officially
listed at Kazakhstan Stock Exchange (KASE), has provided KASE with the
following press-release of June 22, 2012:
quote
En+ Group and Eurasian Development Bank (EDB) agreed on a partnership to
pursue potential projects in the electric power industry. Artem Volynets, CEO of
En+ Group, and Igor Finogenov, Chairman of the EDB, signed a memorandum of
cooperation at the Saint Petersburg International Economic Forum.
The EDB will consider financing En+ Group's power projects to be located in the
Eurasian Economic Community through either lending, or equity participation.
The first project to be considered will be an extra-high-voltage power bridge
between Siberia and Central Russia, which will also be able to connect to the
power system of Northern Kazakhstan. The bridge will be able to supply 3 GW to
7 GW of cheap electricity from hydropower plants of the Angara-Yenisei cascade
and coal-fired power plants of the Kansk-Achinsk and Ekibastuz coal basins to
Central Russia, where both power production costs and electricity sales price are
much higher. The project will ease the load on railroads as less fossil fuel will
be needed to be transported to the power plants of the Urals and Central Russia.
The power bridge will have a potential to become an integral part of
infrastructure for the Eurasian Economic Community of Russia, Byelorussia and
Kazakhstan.
The infrastructure of the Itat Ч Ekibastuz Ч Chelyabinsk power bridge (1,900
km, 1,150 kV, construction began in the late 1980s, and was halted as the Soviet
Union collapsed) could be the basis of the project. The parties now involved in
the project will consider other routes for the proposed power bridge, as well.
En+ Group and the EDB will create a joint working group to conduct research into
the project.
In November 2011, an intergovernmental committee of Russia and Kazakhstan
approved conducting a comprehensive research into the strengthening ties
between energy systems of the countries.
Artem Volynets commented: "The development of cross-border electricity supply
will largely shape the future of the global electric power industry enabling
nations to use power resources more efficiently, raise the reliability of power
supply and reduce impact on the environment. The project to build a power bridge
between Siberia, Kazakhstan and Central Russia will be the first of its kind in
the Eurasian Economic Community Ч and we are happy to have a partnership with the
European Development Bank for it".
The EDB Chairman Igor Finogenov said: "The EBD member-states have their
attention focused on building interregional and cross-border power bridges. I
have no doubt that our cooperation with En+ Group, one of Russia's power
industry and infrastructure leaders, will help implement this kind of long-term
investment project aimed at providing sustainable development of the
Community's member-states and their deeper economic integration".
For Media inquiries
En+ Group
Andrey Petrushinin
+7 495 642 79 37
+7 915 494 99 38
AndreyEP@enplus.ru
Eurasian Development Bank
Yulia Ostroukhova, +7 7019912843
Mikhail Mzareulov, +7 9032446025
pressa@eabr.org
unquote
[2012-06-22]