• Вт. Гру 6th, 2022

Economic news / Економічні новини

News of economy, energy, trade, finance / Новини економіки, енергетики, торгівлі, фінансів

Finnish energy company to sell all its Russian assets


Чер 14, 2022

Until June 21, Finnish Fortum is collecting binding offers for the sale of all its Russian assets (it owns them together with the German subsidiary Uniper) – Fortum and Unipro generating companies, Kommersant learned.

According to sources of the publication, the deal should be closed before July 1. Uniper owns 83.73% of Unipro and Fortum owns 78% of Uniper. Fortum and Unipro own 12 coal and gas thermal power plants, and Fortum also owns a 29.45 percent stake in TGC-1 (owns thermal power plants and hydroelectric power plants in northwestern Russia, controlled by Gazprom Energoholding).

Sources say that Gazprombank is most interested in buying Fortum’s assets. He can finance the deal for Gazprom Energoholding. For each asset, the bank can pay about $1.5-2 billion (1.5-2 rubles per Unipro share, or a 20-60 percent premium to the market price).

Another contender is Inter RAO. In addition, SUEK is interested in Unipro, while NOVATEK is eyeing Fortum’s assets. In general, for the market, the departure of the two companies means a decrease in competition, “from which consumers are unlikely to benefit,” said Vladimir Sklyar, an independent energy analyst.

Fortum announced its exit from the Russian market on May 12. The Finnish company also intends to stop using the brand in Russia.