Rus News Journal

Russian warm up Uzbekugol

On Friday it has been declared prolongation of terms of the tender on sale of 35,5 % of actions of a state company Uzbekugol the largest manufacturer of brown coal in Uzbekistan, in connection with the increased activity of investors. According to the country State Property Committee, three of four demands are submitted by the Russian companies, and one of them is the large player on world aluminium the market . In the incorporated company the Russian aluminium approaching under this definition, the interest to Uzbekuglju have not confirmed. Experts consider that the potential buyer in the future can receive preferences at purchase of other Uzbek actives exposed on sale.
on Friday Interfax has informed that the State Property Committee of Uzbekistan (GKI) declared prolongation till September, 5th of terms of the tender on sale to foreign investors of 35,5 % of actions of a state company of Open Society Uzbekugol The largest manufacturer of brown coal for the Uzbek power. Conditions of the tender declared in April, 2007, have not changed. The starting price - $30,6 million, the winner of the auctions becomes the investor who has offered the greatest price and concordant to incur the investment obligation at a rate of $232 million

As have explained in GKI, the decision on tender prolongation was accepted in connection with the renewed activity of investors. If the first attempt to sell this active in 2006 has failed from - for absence of demands, now as have explained in the Uzbek government, appetite has come to meal time, is already submitted at once four demands . To name the companies officials have refused. However, according to the interlocutor in GKI, the tender documentation have got including three companies from Russia, and one of them is the large player on world aluminium the market .

In the incorporated company the Russian aluminium (OK Rusal ) Approaching under this definition, have declared that demands on Uzbekugol did not submit. In En +, power sector the Base element (it the largest co-owner OK " heads; Rusal Oleg Deripaska) also have informed that in the tender do not participate. Sources in Renove (the president of group Victor Vekselberg heads board of directors OK Rusal ) Truth, have told that half a year studied " back; Uzbekugol however decisions on acquisition it was accepted not. The basic manufacturer of brown coal in Russia - the Siberian coal power company also has not confirmed the participation in the tender.

Open Society Uzbekugol in 2006 has extracted 2,79 million t brown coal (these are 93 % of all volume of extraction of brown coal in the country). Extraction is conducted on the Angrensky coal cut (its reconnoitered stocks - 1,9 mlrd). By data the Prime - TASS the company net profit in 2005 - $300 thousand, accounts payable - $29 million According to GKI, 86,5 % of actions of joint-stock company belongs to the authorities of Uzbekistan, from them of 26 % is transferred in trust management Uzbekenergo .

Branch experts it is low estimate potential Uzbekuglja and expensive enough investment obligations explain high degree of a deterioration of funds of the company. Thus an analyst Uralsiba Cyril Chujko considers that at a normal state of capacities and the company equipment its price - $250 - 300 million On the other hand, at such rather low price in Russia of actives already is not present, their purchase in Uzbekistan - possibility for growth and an exit for limits of Russia, in which possibility for development in coal branch are settled - the expert considers. According to the senior analyst Antanty the Capital Michael Osadchy, occurrence of the Russian investors in Uzbekugol can be a change under the admission of Russians to power and oil . Entering in Uzbekenergo networks and generation really stand in the program of privatisation of state property on 2006 - 2008. Besides, it includes the wide list of gas, oil, bank and metallurgical actives.