Navoi thermal power plant to reduce dividends for 2009

Uzbekistan, Tashkent, July 5 / Trend D. Azizov /

Navoi thermal power plant (JSC Navoi station) is the third largest power station in the country. It will pay dividends for 2009, the message said.

Dividends of the company was 2275.19 soums per ordinary share and 4,000 - for each preferred share par value of 20,000 soums in 2008.

According to the company, net profit of the station in 2009 decreased by 0,8 percent compared to the same period in 2008 - up to 8.196 billion soums.

The authorized fund of Navoi station is 18.553 billion soums and 99 percent owned by the state, one percent - the labor collective. About 51 percent of the shares is transferred to the authorized fund "Uzbekenergo", 48 percent is intended for sale to foreign investors.

The production of electricity at the station declined by 9.1 percent - up to 6.999 billion kWh in 2009. Consumers got energy 22,8 percent less than a year ago - 2.24 million Gcal.

Gross proceeds in 2009 increased by 8.4 percent - up to 211.25 billion soums, the gross profit from sales - by 6.9 percent - up to 21.79 billion soums.

The assets of the company in 2009 decreased by 7.3 percent - up to 247.47 billion soums, including the amount of receivables - by 1,3 times - up to 193.6 billion soums. Amount payable on the last year reduced by 13.7 percent - up to 176.87 billion soums.

Installed capacity of Navoi station is 1,250 MW. The first unit was commissioned in 1962, the last one - in 1981.

Uzbekenergo signed a contract with a consortium consisting of Turkish Calik Enerji Sanayi ve Ticaret AS and Spanish Initec to modernize Navoi station worth $470 million in August 2009.

The consortium will undertake the construction of combined cycle gas turbine with capacity of 477 MW on a turnkey basis. Construction period is three years.

Under the contract, Calik undertakes the construction of the installation, Initec - design and engineering services. Supplier is the Japanese Mitsubishi.

Financing of the project worth $630 million is impelmented at the expense of the Uzbek Reconstruction and Development Fund's loan, own funds of Uzbekenergo and Uzbek banks' loans.

Reconstruction of thermal power plants is connected with the expansion of free industrial zone in Navoi, which is created in the Navoi region. It will require additional power supply.

According to official statistics, electricity production in Uzbekistan decreased by 0,3 percent in 2009 compared to 49.954 billion kWh in 2008.

There are 42 power plants with total capacity of 12.358 megawatts in the power system of Uzbekistan. About 16 power stations operate in the system "Uzbekenergo". Their capacity is 12.040 MW.

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