Publication date: 03.07.07
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SHAREHOLDERS OF OGK-4 APPROVED THE CONTRACT WITH THE GENERAL CONTRACTOR OF THE CCGT-400 CONSTRUCTION AT SHATURSKAYA GRES

The extraordinary meeting of shareholders of Generation Company Four of the Wholesale Power Market (OGK-4) approved the contract, which was a major transaction, by and between OGK-4 and the consortium consisting of General Electric International Inc. (USA) and Gama Guc Sistemleri Muhendislik ve Taahhut A.S. (Turkey).

 

In accordance with the terms and conditions of the contract, the General Electric and Gama consortium will act as the general contractor for design, delivery of equipment and materials, construction and commissioning of a single-shaft combined-cycle gas turbine with an electric capacity of 400 MW (“ready-to-operate” construction) within the scope of the implementation of the project “Creation of the CCGT-400-Based Replacement Capacity of the Shaturskaya GRES Branch of OGK-4”. The contract price will be equal to 219 million Euro and 83,630 thousand dollars (exclusive of VAT and customs duties). The contract value does not take into account additional costs either. The contract work will start prior to or on July 6, 2007, their completion date (subject to the test work upon completion of the CCGT-400 construction) – 27 months as of the work commencement date.

 

The shareholders also approved the underwriting agreement, which was a major transaction, to be entered into by and between OGK-4 and the underwriting banks Troika Dialog Investment Company, UBS Limited and/or their affiliated persons, and other persons, who may be stated as organizers in the appendix to the underwriting agreement.

 

Besides, the shareholders approved a new edition of the Articles of Association of OGK-4.

 

The meeting of shareholders was held by absentee voting, the deadline for acceptance of completed ballots was July 2, 2007. The list of persons entitled to take part in the meeting was made as of May 22, 2007.