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Gazprom, the gas giant in Russia had denied that they are seeking in building a monopoly at electricity sector with the proposal of joining with Siberian Coal Energy Company, as reported by the media.
The both companies announced that their purpose is to join electricity and coal operations in February.
"The joint venture with SUEC will still be under discussion. There were no definite planning’s involved, but we already agree that the project will bear fruit", said deputy prime minister and Gazprom chairman Dmitri Medvedev at a press conference following the group's AGM, reported Interfax.
The project "aims to improve the balance in the electricity consumption of the country", Medvedev said. He said that, for Gazprom, electricity is, "central activities for a strategic reason, followed by gas and oil."
Russian federal anti-monopoly service head Igor Artemyev said in February that he was against a planned merger of the two companies' coal and electricity assets, saying it would lead to "the creation of a monopoly".
16:07
Posted on Jul-01-2007
