OREANDA-NEWS. November 12, 2008. Atomenergoprom OJSC, a state holding consolidating civil companies of Russia’s nuclear sector, has approved a regulation on investment policy, says the head of the Investment Policy Department of Atomenergoprom OJSC Anton Kovalevsky.

The document is based on the parameters and priorities specified by the program of the shareholder of Atomenergoprom, Rosatom State Nuclear Energy Corporation, as well as by the roadmap of power facilities and the federal target programs implemented in the field of peaceful use of nuclear energy.

The document will be revised depending on internal and external conditions.

“We live in a globalized inter-dependent world and must be ready to adequately react to any changes,” says Kovalevsky.

The regulation says that any project by Atomenegoprom’s subsidiary should have specific financial and operational parameters.

“Each project should have specific schedule with specific “gates” (decision points): we must know what has been done, what has not been done, who is responsible for failures and what has to be revised,” says Kovalevsky.

Special attention is paid to control over the quality of investment management and investment assessment. “The peculiarity of our activity is that we cannot just throw off a failing investment project, fix a loss and go buy another package of shares as financial investors do. That’s why we set enhanced quality requirements,” says Kovalevsky.

Each project is controlled by a special executive manager, who is personally responsible for the results. A special responsibility assignment matrix specifies all participants in a project with their powers, duties and responsibilities.

 “Today, we are the biggest power generator in Russia and we are not going to lose our positions in either mid- or long-term future. Our task is to generate electricity and to launch new capacities in full compliance with the schedule. So, we try to find ways to achieve our goals within existing financing and deadlines,” says Kovalevsky.

The program of Rosatom State Nuclear Energy Corporation envisages that 40% of the investments in the priority state projects should be extended by the federal budget while 60% by own and external sources. In this light, Atomenergoprom is going to cooperate with investors and to use all acceptable mechanisms to obtain necessary financing despite the current economic decline. “However, considering the current situation, we will not hurry to use public instruments but will continue working with major banks,” says Kovalevsky.