OGK-1 is now in need of at least $1 billion to carry on with its investment plans. As the sources close to the group say there are only two options to settle the situation -either to cancel the investment program, or to let a state bank have a stake in OGK-1.
According to the information revealed by the Moscow Times, the government, which indirectly controls OGK-1, need to make a decision by the end of November. By then, OGK-1 will be in desperate need of about $1 billion, in part to continue work on a turbine unit it began building in June.
The Development Bank, also known as Vneshekonombank, is being considered for this role.
OGK-1 is the country's only major generating company that has not found a strategic investor during the sectoral reform of the past three years, in which the former state monopoly successfully sold 19 other large generating firms.
Author:
Ksenia Kochneva
