Petrozavodsk Water Utility

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The city of Petrozavodsk granted a 20 year lease contract to Russian company Petrozavodsk Utility Systems for the operation of city's water utilities. Petrozavodsk Utility Systems was also granted an investment contract, but there was no public information on the company's investment commitments. Petrozavodsk was the capital of the Republic of Karelia, Russia, with a population of 266,160. Operating company Petrozavodsk Utility Systems was a subsidiary of Joint Stock Company Russian Communal Systems (RKS). RKS was created on May 29, 2003 by RAO Unified Energy Systems (25%), GazpromBank (25%), Interros (10%), Kuzbassrazrezugol (10%), Renova (10%), EvrazHolding (10%), and Evrofinans (10%). By the end of 2005 privately held company Integrated Energy Systems had purchased a 50% stake in RKS, while RAO UES held on to its 25% share.In July 2006, IES-Holding increased its shareholding in OJSC Russian Utility Systems to 75%. In May 2008, through a public auction, RAO UES sold its 25% stake in the RKS to Indville Management Ltd., an affiliate of IES-Holding, thus giving Integrated Energy Systems a 100% stake in the company. financial closure needs to be verified.