Russian Grids takes another step in developing strategic partnership with China

Russian Grids takes another step in developing strategic partnership with China 09.06.2014

Russian Grids General Director Oleg Budargin attended a number of business meetings in Hong Kong with the heads of the largest Chinese financial institutions and investment companies.

In particular the head of Russian Grids met with representatives from the Bank of China HK, Industrial and Commercial Bank of China and the Agricultural Bank of China to discuss a wide spectrum of issues related to the possibility of attracting debt financing and investments for projects aimed at developing Russian power grids sector, which include joint projects with the State Grid Corporation of China. An agreement with the Chinese company outlining the main areas of cooperation was concluded earlier and signed by Russian Grids in Shanghai during President Putin’s official visit to China.

In discussing promising projects, Oleg Budargin emphasised the efforts to modernise the power grid infrastructure, which would include the development of a smart grid, while also integrating the energy systems on the Eurasian continent, which would greatly decrease the costs related to maintaining auxiliary power for all market participants.

During the discussion with investors, it was noted that at present, Russia’s electricity sector has all the necessary prerequisites to increase its effectiveness and investment appeal. The parties discussed the company’s current financial and economic environment, its investment programmes and exchanged opinions on the current state of affairs on the global energy markets. Representatives from the Russian delegation also discussed the company’s strategic priorities, including specific projects aimed at decreasing losses in the grids, improving managerial practices, improving electricity metering and many other topics.

“Russian Grids is currently implementing an ambitious project to consolidate and modernise Russia’s electricity sector. In the present environment, no country is able to solve these issues by itself as the process of the international integration of business, financial markets and science cannot simply be ignored. It is very important for Russian Grids that our Chinese partners are showing serious interest towards the company’s operations and its development, which they can directly be a part of,” noted Oleg Budargin. According to the General Director, Russian Grids is completely open to constructive dialogue with foreign banking and investment communities and is always ready to provide comprehensive information about all operational aspects of the Russian power grid sector.

During his visit to Hong Kong, Oleg Budargin also met with the heads of the XD Electric Chinese State Corporation, one of the leaders on the global electric equipment market. The company’s family of products includes all voltage levels – from the medium to the ultra-high. The parties devoted special attention to issues of cooperation in the sphere of science and technology.

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