Rostec signed an agreement with A-Property, owned by Albert Avdolyan, on the main terms of the transfer of 5% in the Elga coal project to the state corporation. Rostec already owns 25% in both Port Vera coal terminal and Ogodzhinsky coal deposit.
On February 26, 2021, Dmitry Novikov (president of Rosengineering) and Ekaterina Lapshina (asset manager of Albert Avdolyan) pledged their stakes in Ogodzhinsky coal deposit and Port Vera coal terminal to Rostec (see CAA Russian Coal Weekly dated February 26, 2021). Presumably, the collateral is related to Rostec’s provision of financing for the purchase of shares in assets from Dmitry Bosov’s structures.
Albert Avdolyan intends to create an industrial cluster in the Far East of Russia. This cluster should include the Yakut fuel and energy company (Avdolyan took control in September 2019), Elga coal project, as well as Port Vera and Ogodzhinsky coal deposit.
Ogodzhinsky coal deposit is located in the Amur region, not far from the northern border with China and about 2 thousand km from the ports of the Far East. Proved reserves of coal amount to 82.7 mio t, the probable reserves are 662 mio t. The design capacity of the deposit is 30 mio t of coal per year. The company plans to rump-up extraction at Ogodzhinsky coal deposit from 1 mio t to 10 mio t by 2023.
Port Vera is a new coal terminal, located in the Far East of Russia. Last year, the terminal handled 2.6 mio of coal. The design handling capacity of the terminal is 20 mio t to be implemented in 2022.
In 2020, Elgacoal produced 12 mio t of coal and plans to increase production to 45 mio t by 2023.,
Rostec State Corporation is a Russian state holding, which controls assets in various areas. The Holding is headed by Sergey Chemezov who is close to Albert Avdolyan, the owner of A-Property.
Source: CAA AnalyticsTweets by "CAA_Analytics"
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