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August 8, 2014

ROSSETI will develop closer ties with the Russian Agricultural Bank and Rostec

The ROSSETI Management Board held a meeting on August 7 presided over by the Chairman of the Management Board Oleg Budargin. During the meeting, board members discussed a host of pertinent issues related to improving the efficiency of the country's electricity sector amidst the current foreign, political and economic environment; members also agreed to approve the list of primary objectives which will be included in ROSSETI's long-term development program that will be reviewed by the Russian government in September.

The proposals for the list of key objectives which includes measures to improve managerial interaction within the group and to create mechanisms of strict control over the financial, technological and executive discipline were approved by the members of the Management Board as well as the General Directors of ROSSETI's subsidiaries including the Moscow United Power Grid Company, LenEnergo, Central and North Caucasian Interregional Distribution Grid Companies who were present at the meeting. Due to these results, the order has been given to finish working out all of the aspects of the company's long-term development program before the end of August.

The Management Board was particularly focused on discussing the ROSSETI Group providing support for domestic companies within the food industry and to farmers. Oleg Budargin instructed for the members to sign agreements with the administrations of Russia's constituent territories and agricultural enterprises to support domestic producers and to conclude a partnership agreement with the Russian Agricultural Bank as soon as possible.

These agreements must include a number of measures like simplifying the procedure and minimizing the cost for technological connection for companies within the industry, offering instalment plans, upholding pricing decisions as well as synchronising the plans made by various Russian constituent territories to create industrial parks for the food industry in accordance with the planned locations of the "open" main substations.

As part of the agenda, the Management Board discussed ramping up the efforts to replace imports with domestic products and to upgrade the electricity sector.

Managers in the technical unit were tasked with analysing the possibility for organising maintenance services for the imported equipment installed in energy facilities to be conducted by Russian companies and specialists from the electricity companies within the ROSSETI Group throughout the entire life cycle of the equipment.

Furthermore, the head of ROSSETI Oleg Budargin stated that he wants to see closer ties with the Rostec Group to decrease the electricity companies' dependence on imported equipment, technical devices and components while localising production of high-tech electronic equipment, materials and components in the Russian Federation.

The Management Board defined plans for approaching Russian Railways, Gazprom and Transneft with proposals to synchronise the construction of infrastructure, which includes facilities within the energy sector, to be part of the same corridors throughout the territory of the Russian Federation.




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