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383469
Tue, 10/13/2015 - 13:27
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Russia’s RusHydro discusses details of energy project in North Korea

PYONGYANG, October 13. /TASS/. Representatives of Russia’s company RusHydro have arrived in North Korea (DPRK) to discuss details of implementing an energy project in the country, Russian Minister for the Far East Development Alexander Galushka told TASS on Tuesday. In Pyongyang, he will attend the closing ceremony of the Year of Russia-DPRK Friendship and will hold talks with North Korean Minister of Foreign Trade Ri Ryong Nam, who is also co-chair of the bilateral intergovernmental commission. "The preliminary work has been done, and now we should agree on the key issue - the price of electricity supply, we plan to conduct negotiations on this parameter," Galushka said, adding that for the Russian side this project "should be cost-effective and profitable." Only in this case the RusHydro will launch its implementation. According to the minister, "This principled stance of Russia has been brought to the notice of the Korean partners." "We develop our trade and economic relations based on the 21st century realities, so there can be no return to the forms of cooperation that had been practiced during the Soviet Union times," the official said. The minister added that currently the Russian and DPRK business communities at present "are working to find mutually beneficial postures and making efforts for their implementation." Previously, North Korea had agreed to the construction of an energy bridge to South Korea by Russia’s RusHydro. Russian businesses have recently been displaying an interest in entering the DPRK market that is so far new to them. Korean companies for their part are engaged in the active search for Russian partners interested in joint investment activity in DPRK territory. RusHydro is Russia’s largest hydro-generating company and the second largest in the world in terms of installed capacity. RusHydro is the leader in the production of power on the basis of renewable energy sources, developing power generation using water flows, tidal, wind and geothermal energy. As of 1 January, 2014, the company’s installed capacity amounted to 37.5 GW. RusHydro’s share of the wholesale electric power market in terms of installed capacity amounts to about 12%. RusHydro incorporates over 70 renewable power source facilities. Read more

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