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Press Release

Construction of the First Stage of Sakhalin GRES-2 Power Plant to be Insured for RUB 35 bn

Joint application of SOGAZ JSC and Ingosstrakh Insurance Company was found to be the best in the tender for the right to insure Construction and Erection risks while building the first stage of Sakhalin thermal electric power station GRES-2. Insurance coverage will be provided by two companies on the basis of co-insurance provisions. SOGAZ will cover 80% of risk, Ingosstrakh Insurance Company - 20%.

"Construction and Erection risks of the project Sakhalin GRES-2 will be covered for the total amount of RUB 34.5 bn. Liability for damage of property, life and health of third parties will be insured for RUB 600 m per insured accident within the project implementation," informed Dmitry Malyshev, Vice-President, Director on Insurance of Corporate Clients. Insurance coverage is effective during construction, start-up and commissioning works and for two-year guarantee period. "Risk co-insurance mode was chosen in order to increase reliability and stability of insurance coverage," added Dmitry Malyshev.

Start-up operation of the first stage of GRES is scheduled on 2017. The policyholder is Sakhalin GRES-2 CJSC. The prime contractor is TEK Mosenergo JSC.

According to the project, the installed electric capacity of the first stage of Sakhalin GRES-2 will be 120 MW. The power plant is located 6 km from Ilyinskoe village. The fuel used is brown coal of Sakhalin fields. Sakhalin GRES will be put out of operation after commissioning of the first stage of Sakhalin GRES-2. Construction of the first stage of Sakhalin GRES-2 is one of the priority investment projects of RusHydro JSC implemented jointly with RAO Energy Systems of East JSC.

"For Ingosstrakh Insurance Company, the project is strategically important, since it allows to provide construction of the most important power infrastructure facilities with insurance coverage in the Far East," noted Ilya Solomatin, Deputy Director General.


2015-04-13

Please see SOGAZ Insurance Group company electronic office

Contacts:
Ekaterina Dvoynikova
Head of Public Relations
Public Insurance Group "SOGAZ"

Tel.: +7 (495) 739-21-40, ext. 28-66
Mob. tel.: +7 (916) 058-60-79; +7 (985) 191-62-34
E-mail: dvoynikovaeg@sogaz.ru

Pavel Prytkov
Tel.: +7 (495) 739-21-40, доб. 28-57
E-mail: prytkovpv@sogaz.ru

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