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6

Gazprom To Swap State Energy Giant Stake For Inter Energy Foreign Trade Operations Firm

A few ways of distributing Inter RAO UES's stocks are being considered

Russia?s state-run electric energy monopoly RAO UES and gas monopoly Gazprom may swap Gazprom?s 10.6 percent stake in the energy holding for the majority stake in Inter RAO UES, Russia's electric power export and import operator, in an attempt to end the conflict of interest with Gazprom concerning the foreign assets of Inter RAO and to determine the fate of the latter after the energy reform.

A few ways of distributing Inter RAO UES's stocks are being considered, said Tatiana Milyaeva, head of press service at RAO UES of Russia. One of them is ?the swap for RAO stocks with one of strategic holders.?

Inter RAO UES is a monopolistic operator for export/import deliveries of energy. It controls Moldova GRES power plant, Georgian generating and grid Telasi Co., Electric Grid System of Armenia and owns 25 percent in North-West TETs heating plant.

Gazprom?s stake in it is estimated at $1.7 billion (10.6 percent). Of-the-record, Gazprom is said to have extended the stake to from 14 percent to 15 percent (up to $2.25 billion). Inter RAO capitalization is estimated at between $1 billion and $1.2 billion. Therefore, Gazprom may count on majority holding in the company in any case.

Gazprom declined to officially comment on the possible swap of assets.