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. Last Updated: 07/27/2016

Gazprom Units Move Into UES Office

APPeople entering Gazprom's new office building on Tuesday, which will now house the gas giant's electricity assets.��
Gazprom chief Alexei Miller on Tuesday unveiled the new headquarters for his company's electricity assets, situated in the office of former power monopoly Unified Energy System.

Gazprom had bought the 23-story building at 101 Prospekt Vernadskogo, Gazprom spokesman Sergei Kupriyanov said Tuesday. The building was sold to little-known real estate firm Intercessia for $175 million in July 2008, shortly after UES finished selling off most of its assets.

The firm's chief executive, Yulia Vrublevskaya, said in e-mailed comments that her company "sold it a long time ago" but couldn't comment on the terms of the deal because of a confidentiality agreement.

The gas giant was an active buyer in the UES reorganization, which was intended to raise cash to modernize the power sector. Some investors have been wary about Gazprom's heavy participation in an industry that consumes 37 percent of Russia's gas output.

Gazprom EnergoHolding, Mosenergo, OGK-2, OGK-6, TGK-1, GazpromEnergo, Mezhregionenergosbyt and Gazenergoprombank have relocated to the building, dubbed the Gazprom Energy House, the statement said.