«Сумма» согреет
Vedomosti, Sept. 12, 2011
Anna Peretolchina
Ziyavudin Magomedov’s Summa Group has decided to get into the energy business – the holding company is preparing to build two thermal power stations in Primorye at a total cost of over 50 billion rubles.
A representative from Summa told Vedomosti that Investor Energy, LLC (part of Summa Group), the administration of the Primorye territory, and the state company RAO Energy Systems of the East signed an agreement of intent on Saturday to build the plants.
The companies are expected to build two thermal power stations between 2012 and 2015 in Nakhodka and Ussuriysk, with a combined capacity of 740 MW (approximately 370 MW apiece). A total of over 50 billion rubles will be invested in both projects, claims a representative from Summa, noting that it is expected that the projects will be financed using both the company’s own funds as well as borrowed capital.
Vedomosti was told that It is not yet clear how the partners’ shares in the project will be allocated. Negotiations regarding the terms of the construction of the power plants are not yet complete, but it is expected that Summa will be responsible for at least 51% of each project. In addition, he noted that RAO Energy Systems of the East might not be Summa’s only partner. Currently the holding company is negotiating with another state-owned corporation, Inter RAO.
A representative of Inter RAO declined to comment, and his colleague from RAO Energy Systems of the East could not be reached over the weekend. But a source close to the company confirmed that an agreement with Summa had been signed.
The representative from Magomedov’s holding company continued to say that so far no feasibility studies have been completed on the project, but it has been suggested that the Ussuriysk plant will be powered by coal from the Pavlovsk deposit (being developed by the Siberian Coal Energy Company), and the thermal power station in Nakhodka will use gas from the Sakhalin – Khabarovsk – Vladivostok pipeline (Prime Minister Vladimir Putin helped open the first section of that pipeline last week).
A source close to RAO Energy Systems of the East further specified that the construction of a power plant in Nakhodka was originally proposed as part of the Eastern Gas program, but there is so far no contract with Siberian Coal Energy Company. A representative from the coal company declined to comment.
Energy is an entirely new line of business for Summa. Mr. Magomedov has previously invested in other types of projects: logistics, construction, oil and gas, telecommunications, mining, engineering, and so on. “We found the energy projects to be interesting,” said Summa’s first vice president, Aleksandr Vinokurov through a representative. “There’s a shortage of generating capacity in the Primorye territory, so after the two thermal power stations are operating, our local sales are guaranteed.” He added that it was possible that some of the energy produced could be exported to China in the future.
A source close to RAO ES confirmed that problems with energy capacity are indeed a source of tension in these areas of the Primorye territory. Energy transfers from the Khabarovsk territory cover part of the demand, but if the region’s economy grows, that might not be enough by 2015.
The cost of a thermal power station
Based on the stated parameters, the average cost of 1 MW from the two thermal power stations will be $2,275. Aleksandr Kornilov, an analyst at Alfa Bank, notes that this is an acceptable price, given that one of the plants will be coal-powered and both will be built in a remote region.