Russian oil major Lukoil has acquired a 29.99% interest in regional generating company TGK-8, as part of a previous agreement reached with IFD Kapital Group, for a total consideration of RUB24.06 billion.
In February 2008, Lukoil’s management committee approved the acquisition of a 82.3% interest in TGK-8, which represents shares worth RUB67.5 billion. The acquisition will be paid for with 23.55 million registered ordinary Lukoil shares and cash.
Lukoil noted that TGK-8 is one of the major gas consumers in the Southern Federal District with the annual consumption reaching six billion cubic meters.
TGK-8’s power plants are located in the Astrakhan, Volgograd and Rostov regions, the Krasnodar and Stavropol districts and the Republic of Dagestan, all in Russia.
By purchasing an interest in TGK-8, Lukoil expects significant synergies through natural gas supply to the TGK-8 plants from its gas fields in the Northern Caspian and the Astrakhan region.