JSC "ROSSETI" signed an agreement on cooperation and strategic partnership with hyundai heavy industries

JSC "ROSSETI" signed an agreement on cooperation and strategic partnership with hyundai heavy industries 09.12.2014

In Seoul (Republic of Korea) in the presence of the Deputy Prime Minister - the Plenipotentiary of the President in the Far Eastern Federal District - Yuri Trutnev, JSC "ROSSETI" and Hyundai Heavy Industries (Republic of Korea) signed a long-term agreement for the supply of high-voltage gas-insulated switch-gears (HVGIS) at power facilities of ROSSETI's subsidiaries.

The document was signed by the First Deputy Director General for Investments of JSC "ROSSETI" - Dan Belenkiy - and the Executive Vice President of Hyundai Heavy Industries - Sang Chul Choi.

Yuri Trutnev called the agreement as a promising one, strengthening the Russian-Korean cooperation and important for the development of both the Russian power grids sector and the industrial potential of the Far East.

"The Government will closely monitor the progress of its implementation," he emphasized.

The agreement provides for consideration of a possibility to conclude a long-term contract between the companies for organization of an uninterrupted supply of HVGIS and for approval of Hyundai Electrical Systems, LLC located in Artem (the Russian Far East) as a supplier.

The parties also agreed that the price for the equipment acquired by ROSSETI's subsidiaries (in case of conclusion of the supply contract) will be determined based on market conditions and the agreed volume of a consolidated order.

In addition, the document states that the supplied equipment can be manufactured, assembled and tested by any company of Hyundai Heavy Industries, its installation, commissioning, warranty and service will also be carried out by specialists of Hyundai Heavy Industries or authorized organizations.

"The concluded agreement gives us every reason to believe that in future the mutually beneficial cooperation between Rosseti Group of Companies and Hyundai Heavy Industries Concern will be developed and expanded," Dan Belenky expressed his confidence.

The cooperation between the two companies lasts for more than a year: equipment of Hyundai Heavy Industries has proven itself at various power facilities of ROSSETI's subsidiaries.

In particular, within the project of reconstruction and development of Sochi power district during the preparation and holding of the Winter Olympic and Paralympic Games in 2014, there were used HVGIS, including those of the Korean company production, and during the operation, even during peak consumption periods, high reliability of such HVGIS was confirmed.

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