Fortum to sell its heating network assets in Surgut, Russia
FORTUM CORPORATION PRESS RELEASE 27 June 2012
Fortum has sold its heating network assets in Surgut, Russia, to Surgut City Grid LLC. Fortum does not have its own Combined Heat and Power (CHP) production in Surgut. In addition, Surgut is distant from Fortum’s Russian subsidiary OAO Fortum’s other operations. The divestment will be closed on 30 June, 2012, and the ownership of the assets will be transferred to the buyer as of 1 July, 2012. The selling price will not be disclosed. The divestment will have a minor positive effect on Fortum’s results in the second quarter of 2012.
Fortum’s assets in Surgut include 30,3 kilometres of a trunk heating network, a pump station and one peak heat plant with heat capacity of 407 MW. Fortum buys the thermal energy and transmits it to the municipal heat network. The peak heat plant is turned on only when the outdoor air temperature is lower than minus 23 degrees Celsius.
Fortum's Surgut operations are part of OAO Fortum, the company's Russia Division. Fortum employed 106 people in Surgut at the end of 2011. Surgut is a city in Khanty-Mansi Autonomous Okrug, in Western Siberia region.
Surgut City Grid was established in 2006. The company owns urban power grids in Surgut and in the surrounding areas.
Fortum Corporation
Corporate Communications
For additional information, please contact:
Kari Kautinen, Vice President, Mergers and Acquisitions, tel. +358 50 453 2174
Fortum
Fortum's purpose is to create energy that improves life for present and future generations. We provide sustainable solutions that fulfil the needs for low emissions, resource efficiency and energy security, and deliver excellent value to our shareholders. Our activities cover the generation, distribution and sales of electricity and heat as well as related expert services.
Fortum's operations focus on the Nordic countries, Russia, Poland and the Baltics. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2011, Fortum’s sales totalled EUR 6.2 billion and comparable operating profit was EUR 1.8 billion. We employ approximately 10,800 people. Fortum’s shares are quoted on NASDAQ OMX Helsinki.
Further information: www.fortum.com