OREANDA-NEWS. September 24, 2007. The State Corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and NOVATEK, which represent the interests of the Energy Northern Company, signed a Memorandum on Cooperation to carry out a project to build a power station in the vicinity of Tarko-Sale (the Tyumen region, the Yamalo-Nenets autonomous area).

The Document was signed by Vnesheconombank Chairman Vladimir Dmitriev and NOVATEK Management Board Chairman Leonid Mikhelson.

The Document aims to coordinate strategies, cooperation as well as make joint efforts and carry out joint operations upon implementing the project to design and build a thermal power station with the capacity of 1200 MW, which will act as a key facility to supply power for the project “Ural Industrial – Ural Polar”.

The Memorandum provides for the two sides to participate in preparing an investment project in order to take part in the tender announced by the Federal Energy Agency for forming a prospective technological capacity reserve to generate electric power within a mechanism of guaranteed investments.

Under the Document Vnesheconombank is determined to work out a scheme for financing the project in line with Development Bank’s business principles determined by the Memorandum of its Financial Policy. VEB could act as an organizer or co-organizer of financing the project.

The Energy Northern Company was founded by NOVATEK jointly with OGK-5 in July 2006 to carry out the project to build a power station in the Yamalo-Nenets area. NOVATEK’s stake in the share capital is 60%, the stake owned by OGK-5 is 40%.