OREANDA-NEWS. September 08, 2009. Due to the default on the obligations undertaken by E4 Group and the Bank of Moscow, Gazprom Group’s funds allocated for OGK-2investment projects at the Stavropol State District Power Plant (SDPP) are not being used for the purpose intended.

The current situation demonstrates the inability of E4 Group to act efficiently as the general contractor for the construction projects in the fuel and energy sector.

The irresponsible behavior of the Bank of Moscow can be called deplorable, as the banking guarantees provided by the Bank according to the General Contractor Agreement have been acknowledged invalid by the Moscow Arbitration Court. The inability of the Bank to secure fulfillment of its financial obligations causes irreparable damage to the reputation of a largest financial institution in Russia.

At present, Gazprom, being the most reliable and prominent investor in the national power generation sector, is endeavoring to settle the situation. The prioritized task is to return the target investment funds to OGK-2.