RusHydro signed an agreement with the Accounts Chamber of the Russian Federation
JSC RusHydro (ticker symbols: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces that it has signed an agreement with the Accounts Chamber of the Russian Federation on December 28, 2012. The agreement aims to monitor the implementation and financing of RusHydro power projects in the Far East.
In 2012, RusHydro Group has accelerated implementation of its energy development program in the Far East, which includes construction of several power plants. According to the President’s decree on further development of RusHydro in December the Company received the funds in the amount of RUR 50 bn from the federal budget to finance the implementation of the top-priority projects: heat and power plant in Sovetskaya Gavan’ in Khabarovsk Region, Sakhalinskaya 2, Yakutskaya, Blagoveschenskaya heat and power plants. The Accounts Chamber will control the proper spending of these funds.
Evgeny Dod, Chairman of the Management Board of RusHydro, commented: “It is a very difficult and challenging task to build and launch several large power plants in 3-4 years. And we appreciate the credibility of the government to our Company. Today’s agreement allows us to improve the efficiency of our work and transparency of the outlays.”
Earlier in December, RusHydro signed an agreement with the Federal Tax Service (FTS) of Russia on expanded informational cooperation, which allows FTS to timely monitor financial and business activities of the Company and enables RusHydro to coordinate the taxation issues with FTS.
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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