European Investment Funds Ready to Work with Lenenergo Energy Company

Representatives of European investment funds have confirmed their readiness to work with Lenenergo. According to the energy company's press office, Lenenergo general director Andrei Likhachev met with representatives of major foreign investment funds for the first time during a European road-show. The Western business representatives expressed their satisfaction with the results of Lenenergo's financial activity and confirmed that financial cooperation with the energy company will be continued. According to the press office, Western investors are convinced that 'despite the difficult political situation in St. Petersburg, the Russian government will not change its political course, and mass nationalization of the Russian economy will not be permitted.'

In 2002 Lenenergo invested 4.26 billion roubles (USD 134 million) in capital repairs and reconstruction of its electricity grid and heating network, and construction of new power supply facilities (the total volume of capital expenditure in St. Petersburg was 11.173 billion roubles). This year Lenenergo plans to increase its volume of investment to 6 billion roubles (USD 188.7 million).

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