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Gazprom is ready to invest in the development of the European electricity industry.

Gazprom intends to invest into electricity development of Europe. It is announced by Alexander Medvedev the chairman of "Gazprom" and the head of LLC "Gazprom export" during a press conference. According to his words the company is already in talks with its German partners RWE, Wintershall and E.On concerning building of a gas-powered generation in Germany. Medvedev says that Germany has decided to abandon nuclear power plants after the Japanese events around the "Fukushima". The head of "Gazprom export" also says that Gazprom is carrying negotiations and energy projects in Eastern Europe. However Gazprom is going to be not only a gas supplier. "We want to act as investors in electric power,"- says Medvedev, adding that the company finishes studies in determination of the most promising European markets for such investment aims.

Let's remind that the German government has decided to close all nuclear reactors by 2022 and reduce electricity use by 10% in 2020, Alexander Medvedev comments this decision with previously stated offer that "Gazprom" is able to provide as much gas as needed to Europe. "We welcome the German government decision because it allows us additional options for natural gas supplies to our traditional European markets, where we have everything to meet all needs" - pointes out.

It should be noted that Gazprom owns power energy unit known as the LLC "Gazprom energy holding." The biggest asset of the holding is 53.5% stake in OJSC "Mosenergo" (TGC-3), 51.8% of shares in OJSC "TGC-1", 8.3% stake in OJSC "Inter RAO UES", 10.5% of shares " RAO Eastern Energy Systems ", 99.2% of shares "Centrenergoholding" which holds in particular 49.7% stake in OJSC "WGC-2"and 50.3% shares in OJSC "WGC-6".

Gazprom is a gas transportation and gas monopoly of Russia.

13 July 2011
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