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Business news, 29.10.2003 12:01

Lenenergo plans to invest USD 140 million in 2004

Lenenergo plans to invest USD 140 million in 2004 Lenenergo's investment programme for 2004 has risen by 19% year-on-year to EUR 140 million. This was announced yesterday by Lenenergo General Director Andrei Likhachov.

He said this sum would consist of a EUR 40 million loan from the European Bank of Reconstruction and Development and would also include funds received from a recent issue of bonds with a nominal value of USD 100 million. Lenenergo plans to invest these funds in constructing a power plant in Saint Petersburg and reconstructing other facilities.

Lenenergo's main shareholders are UES of Russia (49%) and Finnish company Fortum (15.7). Net profit came to USD 14.73 million in the first half of 2003 while total sales came to USD 460 million.

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