Enel is a fivefold increase in its results in Russia by 2014
July 6, 2010
Enel predicts a fivefold increase from 2014 profits of its subsidiary Russian OGK-5 supported by favorable market conditions, said Tuesday the Italian energy group during a presentation.
Enel, which owns 55.86% of OGK-5, including anticipated earnings before interest, taxes, taxes, depreciation and amortization (EBITDA) of 471 million euros in 2011 against 184 million recorded in 2009.
The Italian company added an EBITDA target of 1.08 billion euros for OGK-5 in 2014, while reiterating his promise to invest around one billion euros in the company over a period of five years.
"The market fundamentals are favorable (in Russia), especially when compared to the rest of the world," he told analysts in Moscow the head of the international division of Enel, Carlo Tamburi.
The Russian energy landscape has been altered by a major program of liberalization over the last decade. Enel and Germany's E. ON respectively having taken control of OGK-5 and OGK-4.
At around 7:30 GMT, Enel gained 0.87% at 3.4625 euro, against an increase of 2% for the grouping values Stoxx European oil and gas.
Sorry, comments for this entry are closed at this time.