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Russia holds Mishiko under high voltage2011-10-03 11:33
Russian energy holding company Inter RAO UES completed the acquisition of two Georgian hydroelectric power plants. Against the backdrop of tense political relations between Moscow and Tbilisi, such the economic cooperation is very promising. How far Mikhail Saakashvili is ready to go trying to involve foreign investment in his country? And will the purchase of energy assets Sakartvelo a bridge between Georgia and Abkhazia?
Diplomatic embargo declared by Georgia, does not prevent Russian business to feel free in economic space of the Caucasian republic. Despite the pitfalls which await entrepreneurs who decided to invest in Sakartvelo, the energy holding company shouldn't be afraid of something special. Procedural agreements and charges of taking bribes - all these "bad habits" of Georgian Themis do not threaten Russia which is one of the largest donors of Caucasian republic.
A prospect to get wealthy and influential investors is so important for Georgian government now, after declining levels of the U.S. support, that even Mikhail Saakashvili's policy against the Kremlin is undergoing some changes. When the Russian energy giant has offered $ 104 million for the first and the second Khrami HPP and promised to pay up till the middle of this October. Thus, the holding Inter RAO UES intends to become a participant of the Georgian government's privatization program, under which it is ready to invest later another $ 193 million to build three new hydroelectric power stations in the country. Hearing the sound of big money, Tbilisi has immediately agreed to forget that their owner is the hateful northern neighbor.
To purchase of energy assets, Inter RAO EES signed credit agreement with ING Bank NV under which it receives 74 million dollars for five years under 2.64 percent. Since the fall of 2003, the Russian company, owns 75 percent stake in the Tbilisi electricity distribution company Telasi and one of the units at the power plant TbilGRES, as well as the company AES Transenergy, created to export electricity to Turkey. Without a doubt, the economic cooperation between Russia and Georgia will bring dividends to both parties.