Financial News and Economical Crisis

July 21, 2009 OAO Tyumenenergo the results of re-open the auction at the option of a credit institution on the right to conclude a treaty non-revolving credit line to finance the investment program. The winner of the auction has become its only member - OAO Sberbank of Russia.

According to the terms of the contract, Bank Opens Tyumenenergo credit line of $ 4.6 billion rubles for a period of 5 years, said energy companies.

The money will be spent on public financing of construction and reconstruction of the electrical distribution network in accordance with an agreement on cooperation in the activities of energy companies to ensure a reliable electricity supply and creating the conditions for accession to the electric networks of consumers, Tyumen Region, and KhMAO YaNAO.

The previous auction to raise debt financing in the amount of 7.1 billion rubles for the construction of new power facilities to ensure the system reliability of electricity supply region, did not take place due to lack of bids from banks.

Thus, the need for borrowed funds to finance the agreed investment program with the regions Tyumenenergo to date are not fully satisfied. This will lead to the need this year to undertake new attempts to find lenders, said the company.

Pursuant to an agreement with the subjects of the Tyumen region during the years 2006-2011 OAO Tyumenenergo should invest in the development of the Tyumen region of the complex network of more than 45 billion rubles.

Investment Program for 2008 has been formed to concentrate financial resources on new construction of energy facilities and subject-rated three-year investment program, agreed by the Government of the Tyumen region, KhMAO-Yugra and Administration of Yamalo-Nenets Autonomous District.

Total investments in 2008 amounted to 8.7 billion rubles. Of these, 4.3 billion rubles - of borrowed funds, the main creditor - Sberbank of Russia. Investment Program for 2009 relative to 2008 increased by 32% reaching 11.5 billion rubles.
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