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July 09, 2007
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Tashkent Aviation Plant Joins Russian Association
Russian First Deputy Prime Minister Sergey Ivanov announced yesterday that the Uzbek state-owned Chkalov Tashkent Aviation Production Association would become part of the Russian United Aviation Construction Corp. (Russian abbreviation OAK). Ivanov is also chairman of the board of OAK. He returned yesterday from negotiations with Uzbek leaders in Tashkent. According to OAK spokesmen, the deal will be carried out without a cash payment for the Tashkent plant. It is assumed that the Uzbek government will receive shares in OAK.
The Tashkent plant makes Il-76 transport planes and Il-114 turboprops. Those planes are not manufactured in Russia. The plant's assets have been assessed at $132.5 million, with $88.5 million in debt as of January 1 of this year. Its net loss in 2006 was over $4.4 million. The state owns 51 percent of the plant, the workers own 10percent, the Uzbek Ministry of Foreign Economic Relations and the National Bank for Foreign Economic Activity owns 6.7 percent, and 25.6 percent of the plant's stock is for sale.

The plant has been a problem for Russia. At the end of last year, it announced that it would not fulfill a contract to supply 38 Il-76 military transport planes and Il-78 refueling planes worth more than $1 billion on a contract with Rosoboronexport and the Chinese Defense Ministry due to a $400-million shortfall in funds. The Chinese were offered more modern Il-76MF models made at the plant in Ulyanovsk, which plans to begin mass production of the Il-76 in 2010. The Russian Ministry of Industry and Energy estimates that 6.4 billion rubles will have to be invested to implement that production. Therefore, it would be more expedient to take overproduction in Tashkent. Kommersant has learned that the Tashkent plant is also being considered to participate in a Rosoboronexport contract to build ten Il-76MD-90 and two Il-78 models for Venezuela in 2009-2010.
www.kommersant.com

All the Article in Russian as of July 10, 2007

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