Irkutskenergo increases borrowing from 18 bln to 20 bln rubles for 2012
IRKUTSK. Dec 19 (Interfax) - The board of directors at OJSC Irkutskenergo decided on Tuesday to introduce changes to the company's loan policy for 2012, the company said in a statement.
"The total limit for raised loan funds cannot top 20 billion rubles at the end of the reporting quarter," the statement said citing a new version of the power and coal company's borrowing policy for this year.
It was earlier reported that Irkutskenergo board approve the company's borrowing policy for this year at a meeting held on December 25, 2011. The maximum limit for loans raised was set at 20 billion rubles for the first three quarters of 2012 and 18 billion rubles for the end of the fourth quarter.
The company is an active borrower of funds from commercial banks. This year, the company has raised 2.5 billion ruble and 1.5 billion rubles from top bank Sberbank . A loan agreement for a 1.16 billion ruble overdraft was signed with Gazprombank , as well as 7 billion rubles in loan funds. Furthermore, Irkutskenergo has a loan facility with a 600 million ruble limit from the Russian Regional Development Bank.
Irkutskenergo is Russia's largest brown coal company and includes heat and hydro-electric power stations, heating networks, coal mines, transport enterprises, repair plants and an enrichment plant. The company's power stations have installed capacity of 12.9 GW. Its mines (brown and black coal) have combined production capacity of 15.3 million tonnes a year.
Irkutskenergo is controlled by EuroSibEnergo. OJSC Inter RAO UES owns 40.007% of the company's stock.
