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April 29, 2005 / 9:14 PM

UES seeks to buy Turkish energy company

MOSCOW, April 29 (UPI) -- Russia's main electrical generating corporation is trying to buy a major Turkish energy trading firm, Interfax news agency reported Friday.

Directors at Unified Energy Systeme) sanctioned a bid for at least 70 percent of the shares of the Turkish energy trader TGR Enerji. The decision was reached at the most recent UES board meeting on Tuesday.

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"The stake is being purchased in order to develop foreign economic activity in that country (Turkey)," a statement posted on the UES web-site said.

UES is run by Anatoly Chubais, the main architect of Russia's crash privatization program in the early 1990s.

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Anatoly Chubais

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