29.04.2025, 10:16
Fortum has no plans to return to Russia
Source: OREANDA-NEWS
OREANDA-NEWS Fortum has ceased operations in Russia and has no intention to return, the Finnish energy company announced in its report.
The company plans to prioritize the sale of its assets in Russia as soon as possible, the report stated.
During a meeting with shareholders, Fortum CEO Marcus Rauramo stated that the company still considers itself the owner of a Russian asset and is monitoring the situation in Russia. He recalled that Fortum was in the process of selling its Russian assets and had interest in them, but the Russian government did not grant permission for the transaction.
In the past two years, the company has not received any information about the operations and financial performance of its subsidiary Forward Energy. "We have no idea what is happening in the company, so we have written off this asset," Rauramo said.
Currently, Fortum is also engaged in two legal disputes related to the Russian Federation. The first dispute involves a claim for compensation for investments and the value of Forward Energy shares against the country. The second dispute pertains to intra-group loans, amounting to approximately 600 million euros, granted to a Russian subsidiary.
Fortum was a significant foreign investor in the Russian electric power sector. In Russia, the Finnish company owned 98.23% of Forward Energy (as of April 2023, it has been placed under the management of the Federal Property Management Agency) and approximately 30% of TGC-1 (with Gazprom Energoholding as the main shareholder).
Additionally, Fortum was a substantial investor in the Russian wind energy industry. In 2023, Fortum made the decision to completely write off its Russian assets and remove them from its financial statements.
The company plans to prioritize the sale of its assets in Russia as soon as possible, the report stated.
During a meeting with shareholders, Fortum CEO Marcus Rauramo stated that the company still considers itself the owner of a Russian asset and is monitoring the situation in Russia. He recalled that Fortum was in the process of selling its Russian assets and had interest in them, but the Russian government did not grant permission for the transaction.
In the past two years, the company has not received any information about the operations and financial performance of its subsidiary Forward Energy. "We have no idea what is happening in the company, so we have written off this asset," Rauramo said.
Currently, Fortum is also engaged in two legal disputes related to the Russian Federation. The first dispute involves a claim for compensation for investments and the value of Forward Energy shares against the country. The second dispute pertains to intra-group loans, amounting to approximately 600 million euros, granted to a Russian subsidiary.
Fortum was a significant foreign investor in the Russian electric power sector. In Russia, the Finnish company owned 98.23% of Forward Energy (as of April 2023, it has been placed under the management of the Federal Property Management Agency) and approximately 30% of TGC-1 (with Gazprom Energoholding as the main shareholder).
Additionally, Fortum was a substantial investor in the Russian wind energy industry. In 2023, Fortum made the decision to completely write off its Russian assets and remove them from its financial statements.
Комментарии