Federal Grid Company may raise loans worth a total of RUB 10bn (approx. USD 428m) in the fourth quarter of 2008 to fill a cash gap that is expected to occur when funding the company's investment program. There are two key sources to cover the black hole in the accounts, the sale of assets received from RAO UES following its liquidation and taking out the loans, Andrei Rappoport, Chairman of the company's Management Board, said. He noted that Federal Grid Company planned to sell the assets as soon as possible, adding however that the price would not be too low.
Rappoport reiterated that the company's investment program amounted to RUB 1 trillion (approx. USD 42.8bn). At the same time, the company announced earlier that it needed another RUB 160bn - RUB 170bn (approx. USD 6.84bn - USD 7.27bn) to finance the program. |
