FORTUM CORPORATION INVESTOR NEWS 5 February 2016 at 16.45 EET
Fortum optimises its asset portfolio and has sold its 100% shareholding in its Russian subsidiary OOO Tobolsk CHP to SIBUR, Russia's largest integrated gas processing and petrochemicals company. OOO Tobolsk CHP owns and operates the combined heat and power (CHP) plant in the city of Tobolsk in Western Siberia. Fortum estimates to book a one-time pre-tax sales gain totalling approximately EUR 30 million (currently corresponding to approximately EUR 0.03 per share) in its first quarter 2016 results.
The Tobolsk CHP plant was built in the 1980's to serve the local petrochemical industry. Today it supplies power to the electricity wholesale market and process steam to SIBUR's Tobolsk Neftekhim petrochemical plant. The plant also supplies heat to the 100,000 residents of Tobolsk. The CHP plant's production capacity is 665 megawatts (MW) electricity and 2,585 MW heat.
"With this transaction, we are reducing our presence in the regulated heat business. SIBUR will have an efficient and recently modernised plant with good synergetic effect on the process steam supply. Therefore, both parties were motivated to conclude this transaction, which has a clear win-win effect," says Alexander Chuvaev, Executive Vice President for Fortum's Russia Division.
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
NASDAQ OMX Helsinki
SIBUR is Russia’s largest integrated gas processing and petrochemicals company. Its plants are located primarily in Western Siberia, Russia's largest oil and gas producing region. In the end of 2014, SIBUR operated 26 production sites and had over 25,000 employees. Its revenue in 2014 was RR 361 billion. The company serves customers in the energy, automotive, construction, fast moving consumer goods (FMCG), chemical, and other industries in approximately 70 countries.
Fortum's vision is to be the forerunner in clean energy. We provide our customers with electricity, heat and cooling as well as other energy solutions that improve present and future life. Already 64% of our electricity generation is CO2 free. Our main markets are the Nordic and the Baltic countries, Russia, Poland and India. In 2015, we employed some 8,000 energy sector professionals, and our sales were EUR 3.5 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com
Fortum in Russia