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On October 7, 2010 OAO Irkutskenergo sent the bankruptcy notice on OOO Usoliehimprom, the operating activity of which has been decreasing gradually for almost a year, to the Commercial Court of the Irkutsk region

ANNOUNCEMENT

On October 7, 2010 OAO Irkutskenergo sent the bankruptcy notice on OOO Usoliehimprom, the operating activity of which has been decreasing gradually for almost a year, to the Commercial Court of the Irkutsk region. The heat, energy and hot water consumption volumes started to decrease significantly on October 6. Currently the debt of OOO Usoliehimprom (member of Nitol group) for the resources provided since the beginning of the year totals RUR 500 mln. OOO Usoliehimprom can pay the debt during 30 days since the notice; otherwise the bankruptcy procedure will be initiated.

OAO Irkutskenergo and OOO Irkutskaya Energosbytovaya Kompaniya performed all the required procedures in compliance with the Russian laws concerning the debtors, from the limitation notice to the implementation of emergency equipment protection. The information on the power outage was sent to the Ministry of Emergency Situations of Russia, local government and prosecutor’s office. The management of OOO Usoliehimprom was notified on the need of taking measures on chemically hazardous substances’ evacuation in May 2009.

Evgeny Fedorov, CEO of OAO Irkutskenergo: “We are interested in the stable work of the organizations, consumption of power that we provide and their stable payments for it. The debt of OOO Usoliehimprom emerged for the last 6 months. Following the requests of organization’s management and the regional government the maturity date was repeatedly extended. We were making concessions understanding the mutual need in production and jobs preservation. However, upon reaching another maturity date the debt wasn’t repaid yet again. As a result, OAO Irkutskenergo and OOO Irkutskenergosbyt ceased the power supply for all power generation facilities excluding the facilities providing the environmental safety of this production in compliance with the existing legislation. The power outage is an extreme measure applicable only in extreme cases. We are prepared to reinitiate the supply after the debt repayment”.

Press service of OAO Irkutskenergo

Companies’ profile

OOO Irkutskaya Energosbytovaya Kompaniya is a power distribution organization. In 2008 the company emerged from Energosbyt organization of OAO Irkutskenergo. It distributes energy and heat as steam and hot water and provides its services to 11,000 legal entities and 347,500 individuals in the Irkutsk region.

OAO Irkutskenergo is the largest coal company in Russia which includes CHPPs and HPPs as well as heating systems, coal pits, transport enterprises, maintenance works and a treatment plant. The total capacity of the Company’s power plants is 12.9 GW including the HPPs which produce more than 9GW. The total production capacity of the coal pits (lignite and black coal) is 14.9 mln tons per year. 40% of OAO Irkutskenergo shares are owned by the Federal Agency for State Property Management; 50.19% of the shares belong to OAO EvroSibEnergo, the biggest Russian private energy company (owned by En+ Group).

October 08, 2010
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