Uzbekistan to Privatize its Coal-Mining Industry

Unplaced state assets of Uzbekugol (Uzbek coal) OJSC will be sold to foreign investors this year, Trend Capital reported on 21 June quoting Chief of the Analysis and Marketing Department of the company Gayrat Ibrahimov. At present, the company's 51% share holding belongs to the state, 5% - preferred stock, 44% - for free sale, of which 35.55% are envisaged for foreign investors through tender. The authorized fund of Uzbekcoal is 29.42 billion sums (approx. US$22 million). Uzbekugol OJSC is the largest coal production and development enterprise in Central Asia. The company produces and sales coal and kaolin. Coal is produced from three fields – Angren (Tashkent region), Shargun and Baysun (Surkhandarya region). Annually, the OJSC produces on average 3 million tonnes of coal (2.8 million tonnes in 2007). Most part of the coal is used for electrical power system in the republic (80%).