Tatarstan President Rustam Minnikhanov and Board Chairman of Inter RAO Boris Kovalchuk sign Cooperation Agreement in the sphere of power engineering

On November 8, at their meeting at Tatarstan Government House, Tatarstan President Rustam Minnikhanov and Board Chairman of Inter RAO, a diversified energy holding company, Boris Kovalchuk signed a Cooperation Agreement in the sphere of power engineering.

Aide to Tatarstan President Albert Nafigin, Minister of Economy of the republic Artem Zdunov, Acting Deputy Minister of Industry and Trade of the republic Aleksey Sergeev, heads of some regional power engineering companies took part in the meeting.

The draft agreement outlines key areas of mutually beneficial cooperation between Tatarstan and Inter RAO, including long-term planning of Tatarstan power engineering and industry development, possibilities for implementation of investment and innovative projects in the republic, energy saving and improving energy efficiency of regional enterprises.

Under the signed agreement Inter RAO Group closed a deal to acquire a share in the capital of INVENT, a Russian manufacturing holding. As a result, Inter RAO's share of the charter capital makes 33 per cent.

Strategic partnership between Inter RAO Group and INVENT allows for creating additional value, fostering development and strengthening of import-substitution in Russian electric power industry, contributing to providing domestic power engineering enterprises with state-of-the-art products, as well as getting additional synergy with Inter RAO Group's operating business.

Minnikhanov noted that signing this agreement is important for the development of power engineering industry of the republic.