10:54 19.04.2016

DTEK mulling sale of coal assets in Russia

2 min read
DTEK mulling sale of coal assets in Russia

Rinat Akhmetov's DTEK energy holding is mulling the sale of OJSC Obukhovskaya Colliery Group and OJSC Don-Anthracite (Rostov region, Russia), DTEK CEO Maksym Tymchenko said in an interview with ZN.UA.

"We are studying the sale of Russian assets in exchange to the transfer and reduction of the debt [DTEK's debt to creditors] of near $436 million. This is aimed at improving financial stability and meeting the interests of creditors. We are discussing the details of the deal with the interested parties. To our opinion, the deal could considerably decrease the debt burden on DTEK," he said.

Tymchenko said that coal production by the company's assets in Russia in 2016 will be around 2.6 million tonnes of rough coal. The company seeks to sell 60% of coal in Russia and the rest of coal will be shipped to Europe.

He also said that the holding is looking for legal ways of settling the problem with the nationalization of Krymenergo power supply company.

"Early 2015 the Council of Crimea decided to nationalize all tangible and intangible assets of Krymenergo. We today are looking for the right legal strategy to fight for this asset. This is rather hard. The damage has not yet been calculated," he said.

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