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. Last Updated: 07/27/2016

UES Sales Delayed




MOSCOW -- National power utility Unified Energy Systems has pushed back a deadline to increase private ownership in some of its companies until next August, despite a commitment to the World Bank, an official said Tuesday.


"We are not planning to complete everything by April 1," deputy chairman Valentin Zavadnikov said at a news conference.


"In reality, we think we shall be able to complete the deals by August."


State-controlled UES, one of the largest companies in Russia, agreed to a sharp increase in private ownership of some of its units in July as a condition of the World Bank's federal budget-backing Third Structural Adjustment Loan, SAL-3.


A government order requires sales in five local utilities by April 1, 2000, and a list of 10 contenders has been drawn up. But the SAL-3 loan is already delayed and Zavadnikov did not comment on consequences of missing the official deadline.