Energy Minister confirms loan to RAO UES

Russian Energy Minister Igor Yusufov confirmed that the government wasgoing to allocate a loan to the national energy grid RAO UES of Russiaworth RUR 5bn (about $159m) for preparations for the upcoming fall andwinter period. Speaking at a briefing after the Cabinet meeting, theMinister said that RAO UES needed a total of RUR 6bn (about $190m) ininvestments for the above purpose. Yusufov explained that the energy gridwas able to attract only RUR 1-1.5bn (about $32m-48m) in investments on itsown, so the government was going to help RAO UES regarding the remainingcredits. At the same time, the Minister stressed that the loan had to berepaid before December 31, 2002.Earlier, RAO UES head Anatoly Chubais reported to journalists that thegovernment approved the allocation of a budget loan worth RUR 5bn to RAOUES at its meeting today..


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