16 December 2009, Wednesday, 16:54

13% of Republican losses fall on JSC “POLYEF”

author: Elvira Latypova

The diseconomies at JSC “POLYEF” increased from 1,5 billion rubles in 2008 to 1,6 billion for today. As the first deputy Minister of economic development RB Marat Minasov reported at the zone meeting in the town of Durtuli, 13% of all Republican losses fall on JSC “POLYEF”.

The Prime-Minister of Government RB Rail Sarbaev has commented on the situation at the polyether enterprise:

“There are no serious problems there and day-to-day operation of the enterprise is lossless and makes profits. In its time the Republic financed the enterprise and President RB Murtaza Rakhimov also said yes to the plant. The budget RB has spent 7,5 billion rubles but in order to finish all reconstruction works and to get the first output they needed other 8 billion rubles and these finances were taken from the banks. It is clear that now these debts overburden the main operation of the enterprise and today we are occupied in “cleaning” of the enterprise together with the shareholders, finding the ways to make thus burden not so heavy”.

Besides, as JSC “POLYEF” reported a part of the loans was received in foreign currency. The difference in the exchange rates, having occurred because of the global crisis, also adds certain weight to the plant’s debts.