Finnish energy company Fortum has reached an agreement to buy an increased stake in Lenenergo. This was announced in an official statement made by the Finnish company. Fortum's stake in the Russian company will now rise by 5.1% to almost 21%. The deal must now be approved by the Russian anti-monopoly department as the Finnish company's stake is over 20%.

Lenenergo is the leading energy corporation in the North-West Federal District. The main shareholders are UES of Russia (49%) and Fortum (15.7%). Electricity production over the first nine months of 2003 came to 20777.31 million kilowatt hours, a year-on-year rise of 5%.

News source: www.rosbaltnews.com
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