Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

UES Wants Investor for Turbines

SHATURA, Moscow Region -- Unified Energy System's 25 percent stake in turbine maker Power Machines should be put up for tender, the state utility's CEO, Anatoly Chubais, said Tuesday.

In selling the stake, "it is essential to me that market principles are upheld, and market principles means there has to be a tender," he said.

He added that he would "oppose in principle" any buyer other than a "Russian, private, strategic investor."

"All three words are vital to me," he said. "I am talking about a Russian, and by no means a foreign firm ... and namely a private strategic investor, not a commercial investor."

He said the decision on holding a tender for the stake would be made in three or four weeks at the most.

Chubais' statement came after Interros announced in a news release Friday that it wanted to sell off its 30.4 percent stake in Power Machines.

Under a previous agreement between UES and Germany's Siemens, both firms have pre-emptive rights to buy the Interros stake in Power Machines, an Interros' statement said.

Power Machines also announced Tuesday its first-half results for 2007 according to Russian accounting standards. Power Machines said its net losses more than quadrupled compared with the first six months of last year. The losses for the period increased from 137 million rubles ($5.4 million) to 591 million rubles, the company said.