The audit chamber of Russia has published results of check of observance of conditions of intergovernmental agreements on the construction and operation of HPP Sangtuda-1.
In the report, which also contains “the analysis of the effectiveness of Sangtuda-1 over the period 2012-2015”, in particular, says that “the major conditions of the Agreement on the cooperation of the HPP Sangtuda-1 from the 30th of July 2009 are not fully implementing".
It is further noted that procurement of electricity does not exceed 60-70% of the indicative amounts that were stipulated in the agreement between "Sangtuda’s HPP-1" and holding "Barki Tojik". "Payments for the supplied electricity were carried out by Holding irregularly and not in full amount: on October 1, 2015 debt amounted to 496,7 million somoni (about 20% of all investments of the Russian side in the project).
In addition, the report notes problems in the financial-economic activities of the Society. "Expected profitability indicators of "Sangtuda-1" for 2012-2014 indicates the low efficiency of use of funds invested by shareholders in the company's production activities, the low profitability of sales of electricity, the high share of receivables and payables," – conclude the auditors of the accounts chamber of the Russian Federation.
According to the "Sangtuda-1", the debt of "Barki Tojik" to Society on September 2 this year has passed for 624 million somoni (about $80 million). Since the beginning of this year the volume of debt of "Barki Tojik" in front of the Sangtuda-1 has increased by 184 million somoni.
