JULY 29 2014 (The Conway Bulletin) – Tajikistan’s national energy company Barqi Tojik has blamed another massive state-run concern, the aluminium smelter TALCO, for part of its growing $300m debt.
Over a third of Barqi Tojik’s debts are owed to a pair of hydroelectric power facilities, which TALCO officially co-owns with Russia and Iran. Other debts are unpaid taxes to the state, salary arrears, and unpaid loans.
In an interview with Asia-Plus, a Barqi Tojik official said TALCO owed the company $50 million in unpaid energy bills. TALCO, which as reported is itself suffering from a major slump in demand for its products, has denied the allegations.
Barqi Tojik and TALCO are two of Tajikistan’s most significant state-owned companies and both appear to be in trouble.
Barqi Tojik’s debts have grown as public sector clients like TALCO (which alone consumes at least a sixth of national energy production) and other major industrial facilities renege on payments. TALCO reportedly haemorrhaged $40m last year and laid off a fifth of its workforce. The company has suffered from low prices for aluminium and alleged corruption within the political elite. Tajikistan’s economy looks increasing fragile.
ENDS
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(News report from Issue No. 193, published on July 30 2014)