DUSHANBE, July 25, 2008, Asia-Plus — Tajikistan is currently constructing the Roghun hydroelectric power station (HPS) on its own, Chairman of the State Committee for Investments and State-owned Property Management, Farrukh Hamraliyev, announced at a press conference in Dushanbe on July 24.
Tajik official denied reports recently released by some Russian media that Russia will allegedly assume the 75% ownership interest in the Roghun HPS as “unfounded.”
According to him, during his visit to the site for construction of the Roghun HPS in late May, President Emomali Rahmon said that initial work on construction of the station will be carried out by Tajikistan on its own and open joint-stock company RoghunGESstroy had been founded for that. The head of state also did not rule out the possibility of considering the issue of establishment of an international consortium for completing the construction of the Roghun HPS.
We will recall that according reports released by some Russian media in early June, Russia and Tajikistan resumed negotiations over completion of the Roghun HPS. In a letter from Tajik Prime Minister, Oqil Oqilov, to his Russian counterpart, Vladimir Putin, plans were outlined for the creation of a financial consortium for completion of construction of the power plant, the reports said. It is believed that the World Bank is to be included in the consortium and Tajikistan invited Russia to join the consortium as well. No details were released, but sources in the Foreign Ministry have implied that Inter RAO YeES is to be put in charge of the project. Inter RAO YeES has declined comment on such an agreement.
In the meantime, RBC-daily reported that Inter RAO YeES intends to refuse to participate in the consortium for completing the construction of the Roghun HPS. Andrey Rappoport, member of the board of directors of the Inter RAO YeES, was quoted as saying that the company is interested in the controlling ownership interest in the station, otherwise, participation in the construction of the station, which may cost 3-4 billion US dollars (taking into consideration inflation), will be unprofitable.
Proposal on participation in the consortium means getting “the minority package of shares in the station,” Rappoport said, expressing doubt that Tajikistan will be able to complete the construction of the Roghun station without participation of Russia, according to RBC-daily.
The Roghun plant, started in Soviet times but never finished, is key to Tajikistan”s goal to become a significant regional electricity exporter and raise aluminum production. The 3,600 MWt Roghun HPS is to generate 13 billion kWh of electricity per year. The plant”s completion would substantially increase sales of electricity to neighboring countries.
We will recall that during his visit to the city of Roghun on May 30, President Emomali Rahmon noted that that more than 40 percent of work had been done and $800 million had been spent so far. Rahmon also set task to work out the construction schedule. According to him, the first stage of construction should be completed in the coming 4-4.5 years and the first two units of the station should be introduced into operation. The president set several specified tasks: to dam the Vakhsh River in December 2009; to spend $50 million this year and $150 million next year for implementation of the Roghun project; and the Ministry of Finance is to find additional funds for that.
