IES-Holding and the petrochemical holding SANORS signed an agreement for the sale of the Novokuybyshevsk CHP-2, IES-Holding informed.
The sale was approved by the Board of Directors of Volga TGC on February 13, 2013.
The acquisition of the Novokuybyshevsk CHP by SANORS is in the best interests of both companies: for SANORS, the CHP will ensure sufficient power supply for its project to increase the capacity of its production facilities, while benefiting itself from the optimum capacity utilization. The petrochemical holding intends to invest own funds in the upgrade and expansion of the CHP. Investments are projected at over RUB 1 billion over the next 5 years.
The agreement developed by the parties assumes the same level of social guarantees for employees of the Novokuybyshevsk CHP-2. IES-Holding intends to use proceeds from the asset for the development of other enterprises of the Samara branch of its Volga TGC.
IES-Holding (Integrated Energy Systems, Russian: Kompleksniye Energeticheskiye Sistemy) is a leading Russian private company in the sphere of electric power industry and gas distribution established in 2002. It is basically engaged in power generation, trading and retail activities. The Holding's strategic assets are: TGK-5, TGK-6, TGK-7, TGK-9, a number of regional power supply companies as well as GAZEKS engaged in gas distribution and supply to Russia and Ukraine. The total installed electric power of the territorial generating company where IES Holding is a strategic shareholder amounts to 15,767 MW, the thermal power is 67,799 Gcal.
The petrochemical holding SANORS was established on April 29, 2011 resulting from the merger of CJSC Novokuibyshevskaya Neftekhmicheskaya Kompaniya (Novokuybyshevsk Petrochemical Company), CJSC Neftekhimia and SamaraOrgSintez LLC.