DUSHANBE, February 5, 2016, Asia-Plus – To-date, debts of Open Joint-Stock Holding Company (OJSHC) Barqi Tojik (the state-owned utility responsible for generation, transmission, and distribution of electricity in Tajikistan) have reportedly reached 1.5 billion somoni.
Rustam Majidov, the head of the Barqi Tojik financial and economic department, says Barqi Tojik now owes 505 million somoni to Open Joint-Stock Company (OJSC) Sangtudianskaya GES, which operates the Sangtuda-1 hydroelectric power plant (HPP), and 315 million somoni to the Sangtuda-2 HPPP. Besides, Barqi Tojik tax debts have reached 164 million somoni.
He also noted that with taking into account long-term loans attracted for implementation of investment energy projects the company’s debts exceeded 8 billion somoni.
Rustam Majidov further added that the process of restructuring of Barqi Tojik was under way. “The process of restructuring of Barqi Tojik is expected to end in 2018,” Barqi Tojik official noted.
Barqi Tojik is a national integrated power company of Tajikistan. It operates the Norak hydroelectric power plant, the largest station in Central Asia with an installed generation capacity of 3 gigawatts (GW) and produces over 75% of Tajikistan’s electricity.
We will recall that Tajik government plans to unbundle Barqi Tojik and create an enabling environment for private sector investment in the power sector, a contract for which was reportedly awarded to Corporate Solutions in association with Kema International (the Netherlands), Manitoba Hydro International (Canada), Janson Baugniet C.V.B.A (Belgium) and Moore Stephens CIS Ltd (the United Kingdom).
In 2009, Corporate Solutions concluded a technical assistance project which was instrumental in bringing the restructuring of Barqi Tojik high up in the Government”s agenda. As part of that project a Restructuring Plan was prepared and Presidential Decree was issued on August 30, 2011 mandating the restructuring of Barqi Tojik.
The program is expected to pass through three phases: commercialization to 2013, competition to 2015, and privatization ending in 2018.
An independent regulatory body will also be set up to enable the private sector to participate in subsequent phases of the restructuring.
Tajikistan regularly undergoes long periods of electricity blackouts, with electricity usage rationed throughout much of the winter.
