Yukos To Gain Control Of Power Generation Unit

The Yukos Oil Company, Russia's second largest oil producer after LUKoil, may get control of the electricity generation company being created in the Tomsk region as the national power utility Unified Energy System proceeds with its state backed breakup plan, Vedomosti reported, without citing anyone.

Under an accord signed in May covering the Tomsk, Belgorod, Kuban and Tambov regions, Yukos will be favored as UES sells a quarter of a company to be set up from Tomskenergo's power generating assets, the paper said. Yukos in February said that it had bought nineteen and a half percent of Tomskenergo, Vedomosti reported at the time.

UES will sell the Tomskenergo stakes as it splits regional units into companies that generate, transmit and sell electricity, the latest step in breaking up the company that produces seventy percent of Russia's power. Investors have expressed concern that the plan may lower the value of their stakes in UES and its units.

UES says that shareholders in its units will get stakes in any new companies being split off that are proportional to their holdings in the parent companies. Yukos has said it bought 20 percent of AO Kubanenergo and 21 percent of AO Belgorodenergo, Vedomosti said.

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