FORTUM CORPORATION INVESTOR NEWS 29 January 2016 at 09.40 EET
Fortum is negotiating to divest its Russian subsidiary OOO Tobolsk CHP to SIBUR, Russia's largest integrated gas processing and petrochemicals company. OOO Tobolsk CHP owns and operates a combined heat and power plant in the city of Tobolsk in Western Siberia.
The Russian law requires the approval of the Russian antimonopoly service before concluding the negotiations. The approval has been received on 28 January 2016.
As the negotiations are continuing, Fortum cannot disclose any details of the possible agreement or estimate the schedule for their completion.
SIBUR's Tobolsk Neftekhim and Tobolsk Polymer petrochemical plants are primary customers of the process steam produced by the CHP plant. The plant's production capacity is 665 megawatts (MW) electricity and 2,585 MW heat.
Helena Aatinen, Senior Vice President, Communications, Fortum, tel. +358 10
Denis Litoshik, Director, Corporate Communications and Public Relations,
Russia Division, tel. +7 (985) 383 52 61
Investors and analysts:
Sophie Jolly, Vice President, Investor Relations, tel. +358 10 45 32552
Fortum’s purpose is to create energy that improves life for present and future generations. Fortum’s expertise is in CO2-free and efficient electricity and heat production. The company also offers energy-related products and expert services to private and industrial customers and energy producers. Fortum’s main areas of operation are the Nordic and the Baltic countries, Russia and Poland. In 2014, the annual sales (excluding the divested electricity distribution business) totalled EUR 4.1 billion, and comparable operating profit was EUR 1.1 billion. The company employs approximately 8,000 people. Fortum’s share is listed on Nasdaq Helsinki. www.fortum.com