The Open Joint-Stock Holding Company Barqi Tojik (state-controlled utility responsible for generation, transmission, and distribution of electricity in Tajikistan) is expected to be divided into three independent companies, the Minister of Energy and Water Resources, Usmonai Usmozoda, told reporters in Dushanbe on January 28.
According to him, the process of splitting Barqi Tojik into three independent companies is planned to be completed during this year.
“The project is currently being explored by relevant ministries and agencies and after that it will be submitted for consideration to the government,” the minister said.
Recall, the government’s decree that was signed in late April last year provides for splitting the power holding into three entities: generation; transmission; and distribution.
The Ministry of Energy and Water Resources, Barqi Tojik Power Holding and the Tax Committee under the Government of Tajikistan were charged with determining property rights and duties of the newly established joint-stock companies within a three-month period and submit them to the State Committee on Investments and State-owned Property Management (GosKomInvest).
The government endorsed the plan of individual restructuring of Barqi Tojik in August 2011 in order to improve the company’s financial performance and attract private investments.
Barqi Tojik was supposed to be restructured in three phases: commercialization (2011-2013); competition (2014-2015); and privatization (2016-2018). A contract for implementation of this plan was awarded to Corporate Solutions.
Meanwhile, Barqi Tojik’s accumulated arrears are reportedly nearing 2.5 billion U.S. dollars (USD).
Barqi Tojik deputy head, Madumar Asozoda, says the company’s debts (loan investment agreements are not included) amounted to 4.4 billion somoni as of January 1, 2019. As of January 1, 2018, Barqi Tojik's debts amounted to 3.7 billion somoni (loan investment agreements are not included).
Barqi Tojik now owes more than 1 billon somoni to Open Joint-Stock Company (OJSC) Sangtudinskaya GES-1, which operates the Sangtuda-1 hydroelectric power plant (HPP).
Besides, the Tajik national integrated power company now owes large amounts to the Open Joint-Stock Company (OJSC) Orienbonk (Tajikistan’s largest commercial bank) and the Sangtuda-2 HPP.
Barqi Tojik’s wage and tax debts are also large.
Barqi Tojik now owes 18.5 billion somoni to the Ministry of Finance on loan investment projects.
