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Rosseti, China’s SGC sign JV shareholders agreement

June 26, 1:49 UTC+3 BEIJING
The agreement was signed by Rosset Chief Executive Oleg Budargin and SGC Board Chairman Shu Yinbiao
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BEIJING, June 25. /TASS/. The Russian state-owned grid operator Rosseti and the China’s State Grid Corporation (SGC) signed a shareholders agreement on the joint venture on Saturday within the framework of Russian President Vladimir Putin’s visit to China.

The agreement was signed by Rosset Chief Executive Oleg Budargin and SGC Board Chairman Shu Yinbiao.

The joint venture will be established for upgrade of grid facilities and construction of new power installations in Russia and in the territory of other countries later. The JV will deal with implementation of project in power facilities construction and refurbishment and will exercise functions of the EPC (engineering, procurement, construction) contractor, Rosseti said.

Annual financing of joint projects may be up to $1 bln, Rosseti told TASS. Funds will be borrowed from China’s and other foreign financial institutions.

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