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St. Petersburg, February 2016 – Dentons has advised Fortum OJSC, one of Russia’s leading energy companies, in connection with the sale of a 100% interest in its subsidiary Tobolsk CHP to SIBUR Holding — one of Russia’s largest gas-refining and petrochemical enterprises. Tobolsk CHP owns and operates a cogeneration power plant in Tobolsk, Tyumen Region.
The team, headed by partner Evgenia Teterevkova, assisted Fortum throughout the entire project, including drafting and negotiating the sale and purchase agreement, shareholders agreement and all ancillary security documents, including documentation under English law.
“The project has been largely unique for the local legal environment. We took advantage of the latest Russian civil law innovations, and even coped with the changes related to the transfer of title to interest in LLCs introduced in early 2016. We also utilized all of the traditional M&A instruments, while remaining strictly within the bounds of Russian law,” commented Evgenia Teterevkova. “What’s more, the deal paves the way for the parties involved to pursue further avenues of cooperation moving forward.”
The team primarily responsible for the project included of counsel Anton Poddubny and senior associate Ilya Kotov (St. Petersburg), with of counsel Kelly Shutt (Moscow) and London-based attorneys Richard Barham, Sophie Palmer and Grace Man assisting with English law matters.
Fortum's vision is to be the forerunner in clean energy. The company provides its customers with electricity, heat and cooling as well as other energy solutions that improve present and future life. Already 64% of its electricity generation is CO2 free. Its main markets are the Nordic and the Baltic countries, Russia, Poland and India. In 2015, Fortum employed some 8,000 energy sector professionals, and sales were €3.5 billion. Fortum is listed on Nasdaq Helsinki. www.fortum.com. Fortum is the main shareholder of OJSC Fortum owing 94.88% per cent of the shares of the company. In Russia Fortum also owns app. 29,5% of shares of OJSC TGC-1. OJSC Fortum is a territorial generating company. The main assets and activities are centered in the Urals and West Siberia. As of 5.02.2016 the total installed capacity of the company reached 4 236,54 MW in power and 9 951,2 in heat.
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