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18 September 2007 - South Korea's power monopoly Korea Electric Power Corporation (KEPCO) said Tuesday that it signed a preliminary deal with Russia's state-run electric company to join hands in the latter's electricity reform project.

The memorandum of understanding signed with RAO UES of Russia in Moscow calls for the two companies to cooperate with each other in the privatization of Russia's power industry, the Korean company said in a statement.

The Russian government has been restructuring its electricity industry and turning its monopolistic system into a competitive one since 2002, in a bid to improve efficiency and lure foreign investment, KEPCO said.

KEPCO is trying to buy stakes in the subsidiaries that RAO UES of Russia plans to sell, KEPCO added.

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