OGK-3, controlled by Norilsk Nickel, plans to borrow as much as 12 billion rubles ($400 million) to meet its investment obligations to the government, Vedomosti reported Friday.
OGK-3 got about 24 billion rubles from Norilsk when the miner bought control of the utility from the government in 2007, and it pledged to invest that money in new capacity, the newspaper reported. Instead, it bought non-power assets from Norilsk’s billionaire co-owner Vladimir Potanin amid a shareholder dispute in 2008.
The Energy Ministry then demanded that OGK-3 raise new funds to meet its investment obligations,
Vedomosti reported.
(Bloomberg)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
