Tajikistan and Sangtuda HPP-1 to set debt settlement schedule
DUSHANBE. Dec 16 (Interfax) - Tajikistan's Tax Committee has not frozen the accounts of OJSC Sangtuda Hydropower Plant (HPP) No.1, the majority shareholders of which are Russian companies, and intends to create a debt settlement schedule with the HPP, which has reached a debt totaling 52 million somoni, or $10.9 million, the committee's deputy head, Pulotjon Yusupov, told journalists on Monday.
On December 4, the HPP announced that its accounts had been frozen by the Tax Committee because of the plant's debt, and the plant could possibly be shut down. The plant supplies 15% of Tajikistan's electricity.
The HPP said that the debt came about because Tajikistani energy companies owe the HPP 404.8 million somoni, or $84.8 million, for energy the plant supplied.
"The tax authority does not intend to close OJSC Sangtuda-1, which is why we are prepared to sign an agreement that includes a schedule to settle our debt. The issue is settled - Sangtuda-1 will not close. We will not let that happen," Yusupov said.
Sangtuda-1 and state-run energy company Barki Tojik, which is the only electricity customer of the Sangtuda-1 HPP, have not commented on the Tax Committee's decision.
Yusupov said he believes that "it is necessary to be more cautious when interpreting the concept of freezing accounts."
"The tax authorities cannot freeze accounts; we can only freeze the property of the non-payer, and even then, we can only do this after numerous notifications," he said.
Tajik experts said that defaults from energy producers and "an overly zealous interpretation of the law" has damaged the investing image of Tajikistan, which is in need of foreign investors in the energy sector. Tajikistan suffers from a high energy deficit in the winter months since gas and heat supplies do not exist in the country.
There is currently a harsh maximum heat limit of six hours a day for the country's citizens. This is not in effect for Dushanbe and regional centers.
The $720-million Sangtuda-1 hydroelectric power plant began operating in July 2009. The facility has a designed capacity of 670 megawatts and can generate 2.7 billion kilowatt hours of electricity a year.
Tajikistan currently owns 25% plus one share in the project. The remaining shares of OJSC Sangtuda-1, which was created in 2005 to build the plant, are split as follows: the government corporation Rosstat owns 60.13% minus one share and Russia's OJSC Inter RAO UES owns 14.87%.
Yearly output at the HPP is 2.7 billion kWh. The facility is located on the Vakhsh river 120 kilometers to the south of Dushanbe. In 2012, Sangtuda-1 HPP produced 11% of Tajikistan's energy.
The official exchange rate on December 16 was 4.7733 somoni/$1.