Deputy chairman Valery Golubev said last Friday that his company will need the money first of all for the fulfillment of the investment programs to construct new electricity-generating capacity at TGK-1, Mosenergo, OGK-2, OGK-6, the Moscow Times reports. Gazprom controls all four of these companies, and three of them — OGK-2, OGK-6 and TGK-1 — each needs more than 1 billion USD of financing to complete their investment programs to 2010. Mr. Golubev confirmed that “a large portion of the sum is for TGK-1”. The Territorial Generating Company No 1 (TGK-1) is one of the biggest electricity generating company in Northwest Russia with units in Leningrad Oblast, the Republic of Karelia and Murmansk Oblast. Gazprom has over the last year acquired a 46 percent stake in the company.
