“Rosseti” to work on energy projects with China

With the volume of $1 bln a year.

“Rosseti” and the State electric network company (GEK) of China on October 1st will sign a “road map” on the foundation of a JV to which the Russian holding offers projects with the annual investment of $1 bln. It is about the distribution networks on the border with Russian areas only, including the modernization of the Trans-Baikal networks and connection of new mining production capacities. “Rosseti” wants to save the controlling stake in the JV but GEK doesn’t agree with that for the time being.

Yesterday the CEO of “Rosseti”, O. Budagin, and his partner from GEK, Shu Inbao, met in Beijing. The first meeting of the working group of 2 companies was also held yesterday. The working group is to work out the parameters of the JV for the projects in Russia. The parties agreed in May on the foundation of the JV: the strategic cooperation agreement states the management, construction, networks modernization, development of smart grid and charging infrastructure for the electric transport.