OGK-1 says Dubai World is not the only bidder

Moscow: Russian firm OGK-1 said Monday there was a second potential buyer for a controlling stake in the company and a previously announced deal involving Dubai World was conditional.

"There is another potential buyer. It is a consortium of Russian and foreign companies which are now working out the structure of the deal. They have shown a very serious interest," said OGK-1 Chief Executive Vladimir Khlebnikov.

Anatoly Chubais, who headed the former state power monopoly of which OGK-1 was a part said Dubai World was guaranteeing $100 million of investment in OGK-1 as part of a $5.3 billion bid for the company.

"The Dubai fund in its preliminary agreement said it is ready to conduct very serious due diligence. This will take about two months," Khlebnikov said.