Cresent Group, Inter Rao sign new deal

16 Feb 2011

(MENAFN) Boris Kovalchuk, the chief executive of Inter Rao, the Russian state-controlled electricity generation and trading enterprise, said that the company signed a strategic co-operation deal with Crescent Investments, a unit of Sharjah-based Crescent Group, reported the National.

The deal comes as an attempt by Crescent to enter the power sector as it plans on adding on the company’s energy interests. The group already operates in the sector through its oil and gas unit Crescent Petroleum and its publicly traded affiliate Dana Gas.

The CEO of Crescent also said that this deal boosts the company’s existing ties with Russian partners.

Kovalchuk said that the deal would capitalize on over USD200 billion of spending expected in the coming ten years.

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