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Business news, 17.09.2010 04:20

Fortum sells 31% stake in St Petersburg Sales Company to Inter RAO

Finland's Fortum

ST PETERSBURG. Finland's Fortum has signed an agreement to sell approximately 31% shares of St Petersburg Sale Company (SSC) to Russian energy group Inter RAO.

"The decision to divest follows Fortum's strategy to concentrate primarily on power generation and heat businesses in Russia," the Finnish company said in a press release.

SSE is an electricity sales company operating mainly in St Petersburg and the Leningrad Region. Its parent company is hydropower plant operator RusHydro; it was set up to manage Inter RAO's marketing division.

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