RusEnergy

14 March 2007 - Upstream OnLine - Russian billionaire Viktor Vekselberg, who is part-owner of producer TNK-BP, has unveiled plans to invest $1 billion in Italy to develop alternative energy sources, adding that production could eventually be exported to other parts of Europe. "$1 billion over a period of five years," he said in response to a question posed during an interview published today in Italian newspaper La Stampa. "The main direction of our activity concerns the development of alternative energy and renewable resources - from solar energy to wind turbines to biomass," he said. Speaking during Russian President Vladimir Putin's official visit to Italy, Vekselberg said his goal was to produce 1000 megawatts of electricity. "We plan to produce "clean" energy in Italy in order to be able to later export it to northern Europe," Reuters quoted him as telling La Stampa. Despite his emphasis on energy, Vekselberg also said he would be interested in making investments in other sectors. Putin and Italian Prime Minister Romano Prodi are to sign a series of protocols on banking, energy, aircraft construction and culture.