Turboatom to modernize equipment at Vostokenergo’s thermal power plants

Turboatom (TATM: BUY) announced yesterday it won an order to modernize turbines at the Luhansk and Kurakhivska TPP power plants, both of which are controlled by Vostokenergo. Inna Perepelytsya: We estimate this contract will be worth up to USD 20 mln over 2008-2009. We believe this is the first time Turboatom has won a contract to modernize Ukrainian TPP turbines made by Russian-made Power Machines, which produces about half of turbines in Ukraine (the other half were produced by Turboatom). We expect this to lead to more opportunities for Turboatom on the domestic market.