OREANDA-NEWS  On 05 December was announced, that the branch of IJSC Ingosstrakh in St. Petersburg entered an insurance contract with OJSC Lenenergo for compulsory civil motor-vehicle liability (OSAGO) and hull insurance.

The insurance covers the total of 809 vehicles, including 375 cars covered by hull insurance with the insurance liability limit of RUR 136 mln. OSAGO covers all 809 vehicles.

The branch of IJSC Ingosstrakh in St. Petersburg and OSJC Lenenergo have been partners since 2006. In addition to vehicle insurance, Ingosstrakh extends health and accident insurance to the employees of the company and covers civil liability of the operators of hazardous production facilities.

In 9 months this year the branch of IJSC Ingosstrakh in St. Petersburg collected in excess of RUR 980 mln in premiums on hull and compulsory civil motor-vehicle liability insurance.

OJSC Lenenergo (www.lenenergo.ru) is an interregional distribution grid. The company services St. Petersburg and the region.

Before October 1, 2005 Lenenergo handled thermal and hydro generation, transportation (electric and thermal grids) and sales of energy resources. The reorganization of the company that continued operating under Lenenergo brand retained the transmission function and arranges connection of new consumers to the electric grid.

Lenenergo is represented by 38.8 thousand km of overhead power lines, 16 thousand km cable routings, 368 35-110KV substations and more than 13.5 thousand 6-35KV transformer plants.

The major shareholders of OJSC Lenenergo are OJSC MRSK Holding (53.77% of registered capital), ZAO Depositary and Clearance Company (23.46% of registered capital) and St. Petersburg acting through the City Property Management Committee (9.25% of registered capital).

The net profit reported by the company for Y2007 in RAS-compliant statements amounted to RUR 916 mln 67 k vs. RUR 42 mln 397 k a year earlier. Its revenues achieved RUR 15 bn 265 mln. The net IFRS profit generated by the company last year amounted to RUR 1 bn 285 mln with RUR 12 bn 338 mln in revenues.

During the recent years Lenenergo has been conducting an unprecedented, by its scale, equipment and new capacity construction campaign. No similar projects have been implemented in the region in decades.