British consortium pulls out of Shargunugol share in Uzbekistan
Uzbekistan, Tashkent, March 6 /Trend D.Azizov/
British consortium SAB Energy, Shadela Inc. and M.Metal & Co. has withdrawn from being among the shareholders of Shargunugol, which owns the licence to develop the Baisun and Shargun coal deposits in the Surkhandarya region in the south of Uzbekistan holding a total of explored reserves of 45.8 million tons of coal, a source in government circles told Trend on Tuesday.
No reason has been given for the withdrawal from the consortium of shareholders.
The source noted that the Government of the Republic approved the entry of Uzbekugol to the shareholders of the company in order to achieve sustainable economic and financial situation of Shargunkumir.
Previously, the general meeting of Shargunkumir shareholders decided to invite JSC Uzbekugol to join the shareholders of the company, the source added.
JSC Uzbekugol purchased shares of Shargunkumir, formerly owned by foreign shareholders, on the secondary securities market for an undisclosed sum.
A consortium of three British companies bought a 41.57 per cent stake in JSC Shargunkumir for $220,000 plus the assumption of debt, amounting to 1.5 billion soum in 2006.
The shares of the consortium members as follows: SAB Energy and Shadela Inc. - 14.9 per cent stake each, M.Metal & Co. - 11.77 per cent. The state share was 51 per cent and labour collective - 7.43 per cent.
The Uzbek government allowed Uzbekugol and Uzbekenergo to finance the investment projects of JSC Shargunkumir, which is included in the Investment Programme of Uzbekistan on a return basis and included technical re-equipment and modernisation from the coal industry fund's resources.
Uzbekistan has proven coal reserves to 1.9 billion tons, including brown coal 1.853 million tons and coal - 47 million tons. Forecasted resources amount to over 5.7 billion tons of coal.
Official exchange rate on March 6 is 1832.19/$1