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'What happens in Sibera stays in Siberia...unless it is covered by The Siberian Times'

Siberian energy company's new takeover. SUEK shows 25 billion roubles profit for 2011

By 0 and 0 and 0
06 February 2012


Siberian Coal and Energy Company has taken over the company which held a license to explore and develop the Apsatskoye coal deposit in the Baikal area.

SUEK paid 7.8 billion roubles for Arkticheskiye Razrabotki in a deal approved by the Federal Antimonopoly Service in late December 2011.

Total reserves are put at 2.2 billion tonnes of coking coal, 976 million tonnes of coal, and around 50 billion cubic metres of methane gas.

SUEK, linked to businessman Andrei Melnichenko, in February announced net profits of just under 25 billion roubles for 2011, compared with 9.1 billion roubles in 2010.

The company accounts for almost one third of Russia's domestic coal supplies and one fifth of Russian steam coal exports.

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