OREANDA-NEWS. October 2, 2007. First meeting of the Board of Directors of ZAO Promyshlennaya Energeticheskaya Kompaniya (PEK) took place in Moscow today.

PEK is a joint venture of the Federal State Unitary Enterprise Rosoboronexport and JSC INTER RAO UES. The new company has been set up for the purpose of supplying electric power to the members of the Rosoboronexport group. Both stakeholders own 50 per cent of the PEK shares each.

The Board meeting dealt with the election of Chairman of the Board of Directors and Director General.

Based on the voting results, A.V. Alyoshin, deputy CEO of Rosoboronexport, was elected Chairman of the Board of Directors of ZAO Promyshlennaya Energeticheskaya Kompanya. A.V. Kulakov was elected Director General, having formerly held a number of executive positions in the system of RAO UES of Russia.

In setting up a joint venture for power distribution, the PEK stockholders were guided, among other things, by the capabilities of JSC INTER RAO UES in organizing reliable power supply to consumers.

With PEK on the scene, Rosoboronexport will boost the earning power of its members, and for JSC INTER RAO UES, cooperation with Rosoboronexport means guaranteed sales and a stable demand for electric power.

Moreover, as a state-controlled company, JSC INTER RAO UES sets great store by the development of new mechanisms to supply power to RF major manufacturers.