Chubais Praises TNK-BP Shareholders

OGK-1, majority owned by Unified Energy System, said Thursday that it had created a joint venture with TNK-BP, which UES chief Anatoly Chubais hailed as "a sign of a positive future" for the embattled oil firm.

"The decision on the joint venture ... shows that the TNK-BP shareholders, despite the disagreements between them, managed to work out a common position on the project, which is especially important for the Russian energy sector," Chubais said in a statement.

The venture was created to build a third unit with a capacity of 800 megawatts at OGK-1's Nizhnevartovskaya power station, which supplies TNK-BP in the Tyumen region.

The firm's start-up capital will include 100 percent of the Nizhnevartovskaya station shares from OGK-1, while TNK-BP will invest $360 million. The rest of the money needed for the unit's construction -- $800 million to $1.1 billion -- is to be borrowed as a syndicated bank loan, RIA-Novosti reported.