Intaugol Coal Company Supports Agreement between Komi Government, Baikal-Ugol

The government of the Republic of Komi headed by Governor Vladimir Torlopov has found a potential investor prepared to put money into the development of the Pechora coalfields and help resolve the social problems of the cities of Inta and Vorkuta. The investor in question is the Baikal-Ugol coal company. Alexei Pavlov, General Director of the Inta Mining Administration or Imtaugol for short fully supports the signing of an agreement between the republic's government and the Baikal company. This is according to Intaugol's press service

'This is a timely stem', Mr. Pavlov said, 'which will help stabilise situations in the coal-producing cities'. However, he also said that assessing the events in detail would be premature.

On November 22, the government of the Republic of Komi signed an agreement with the Baikal-Ugol Siberian-Urals Energy Company. Under this agreement, the government-owned stakes in Komi coal companies will be managed by the newly created Pechorugol company. In turn, Baikal-Ugol will invest USD 30 million in the new entity.

Baikal-Ugol is a subsidiary of the MDM group. It owns the Vostsibugol, Chita Coal Company, Krasnoyarsk Coal Company, Sakhalin Coal Corporation and open-pit mines in Khakasia and Buryatia. Since the beginning of this year, Baikal-Ugol's subsidiaries have produced 41.25 million tonnes of coal and intend to bring the figure up to 62 to 65 million tonnes before the year is over. In 2001, these companies produced around 70 million tonnes of coal, that is, over 40% of all Russia's output.

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