Jump to content

Siberian Coal Energy Company: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
 
(118 intermediate revisions by 54 users not shown)
Line 1: Line 1:
{{short description|Russian business}}

{{Infobox company
{{Infobox company
| name = Siberian Coal Energy Company<br/>SUEK
| name = Siberian Coal Energy Company<br/>SUEK
| logo =
| logo = SUEK Logo.svg
| caption =
| caption =
| type = [[Private limited company|Private]] (Open joint stock company)
| type = [[Private limited company|Private]] (Joint stock company)
| fate =
| fate =
| predecessor =
| predecessor =
| successor =
| successor =
| foundation = {{Start date|2001}}
| foundation = {{Start date|2001}}
| founder =Andrei Melnichenko
| founder = [[Andrey Melnichenko (industrialist)|Andrey Melnichenko]]
| defunct =
| defunct =
| location_city = [[Moscow]]
| location_city = [[Moscow]]
| location_country = Russia
| location_country = Russia
| location =
| location =
| locations =
| locations =
| area_served = Siberia and Far East
| area_served = Siberia and Far East
| key_people = <br/>Aleхander Redkin<ref>{{Cite web|url=https://1prime.ru/energy/20230707/841031343.html|title=ЭМаксим Басов оставил пост генерального директора СУЭК|language=ru|date=2022-04-11|publisher=[[Прайм]]}}</ref>
| key_people = [[Andrey Melnichenko]] (chairman)<br/>[[Vladimir Rashevsky]] (CEO)<br/>[[Alexander Landia]] (Senior independent director)
| industry = [[Coal mining]]
| industry = Coal mining, heat and power generation
| products = Coal
| products = Coal and energy
| services =
| services =
| revenue = US$5,381&nbsp;million (2013)
| revenue = US$6,683 billion
| revenue_year = 2020
| operating_income = US$445&nbsp;million (2013)
| net_income = US$133&nbsp;million (2013)
| operating_income = US$892 million
| income_year = 2020
| assets = US$6,904&nbsp;million (2013)
| net_income = US$194 million
| equity =
| net_income_year = 2020
| owner = [[Andrey Melnichenko]]
| assets = US$16,034 billion
| num_employees = 33,500
| assets_year = 2020
| parent = SUEK Plc
| equity = US$5,054 billion
| divisions =
| equity_year = 2020
| subsid =
| num_employees = 70,000 (2020)
| homepage = {{url|www.suek.ru}}
| footnotes =
| divisions =
| intl =
| subsid =
| homepage = {{url|www.suek.com}}
| footnotes =
| intl =
}}
}}
[[File:Стелла при въезде на разрез Тугнуйский.jpg|thumb|Stella at the entrance to the Tugnuisky open-pit mine]]
'''Siberian Coal Energy Company''' (SUEK) is Russia's largest coal producing corporation, which has affiliates and subsidiaries in [[Krasnoyarsk Oblast]], [[Primorsky Krai]], and [[Khabarovsk Krai]], [[Irkutsk Oblast|Irkutsk]], [[Chita Oblast]], [[Kemerovo Oblast]], [[Republic of Buryatia|Buryatia]] and [[Khakassia]].
'''Siberian Coal Energy Company''' (SUEK) is a coal and energy company based in Russia. SUEK is Russia’s largest coal supplier.<ref name=":0">{{Cite web|title=SUEK - Overview|url=http://www.suek.com/about-us/overview/|access-date=2021-04-16|website=www.suek.com|language=en}}</ref><ref>{{Cite web|title=Russia’s leading coal producer SUEK joins World Coal Association|url=https://www.mining.com/web/russias-leading-coal-producer-suek-joins-world-coal-association/|access-date=2021-04-16|website=MINING.COM|language=en-US}}</ref><ref>{{Cite web | url = https://expert.ru/ratings/krupnejshie-ugolnyie-kompanii-rossii/ | title = Крупнейшие угольные компании России | author = АНО «Творческий коллектив Эксперт» | website = Expert.ru | date = | accessdate = 2021-01-29}}</ref><ref>[https://www.fitchratings.com/research/corporate-finance/fitch-revises-suek-outlook-to-stable-affirms-idr-at-bb-29-04-2021 Fitch Revises SUEK's Outlook to Stable; Affirms IDR at 'BB'], FitchRatings</ref>

The company was founded in 2001, it is headquartered in Moscow.<ref>{{Cite web|title=SUEK JSC - Bettercoal|url=https://bettercoal.org/producer/suek-jsc/|access-date=2021-04-16|website=|language=en-US}}</ref> The full official name is Joint-Stock Company Siberian Coal Energy Company (SUEK JSC). The CEO of the company is Alexander Redkin.<ref name=":0" />

== History ==
SUEK was based on the idea to consolidate disparate coal enterprises throughout Russian regions into an industrial holding in the early 2000s.<ref name=":8">{{Cite web|title=SUEK - History|url=http://www.suek.com/about-us/history/|access-date=2021-04-16|website=www.suek.com|language=en}}</ref>

The assets that formed SUEK were distressed – the production capacity was less than 30 million tons per year, the enterprises employed 70,000 miners yet productivity was low, and virtually none of its output was exported. Amid the collapse of mining businesses and widespread miners strikes due to unpaid wages and poor working conditions, the average equipment depreciation was 90%.<ref name=":8" /><ref>{{Cite news|last=|first=|date=1996-12-04|title=400,000 Miners Strike in Russia|language=en-US|work=The New York Times|url=https://www.nytimes.com/1996/12/04/world/400000-miners-strike-in-russia.html|access-date=2021-04-17|issn=0362-4331}}</ref>

During the early years of the business, SUEK’s assets were renovated and debts were repaid. The old mines and worn-out equipment were transformed into modern enterprises, several enrichment factories and modules were put into operation, incorporating the processing technologies that allowed SUEK to produce highly enriched coal with low impurity levels.<ref name=":8" /><ref>{{Cite web|title=SUEK - Corporate social report 2001-2005|url=http://www.suek.com/investors/reporting/#year_old|access-date=2021-04-17|website=www.suek.com|language=en}}</ref>

SUEK built coal bulk terminals and seaports, and built a coal mine methane processing station to generate power within the framework of the Kyoto Protocol. According to the Financial Times, it has invested in high-capacity washing plants and has ash control technologies at all its coal ports.<ref name=":102">{{Cite web|title=Clean coal is part of the answer to the Paris Agreement|url=https://www.ft.com/content/79394d9e-d07a-11e7-9dbb-291a884dd8c6|access-date=2021-04-16|website=Financial Times|language=en-GB}}</ref> The first smart mining management control center was built to run all SUEK’s operations, monitoring the location and well-being of miners working underground.<ref name=":8" />

After the consolidation of electric power assets, the Siberian Generating Company (SGC) was created as a part of SUEK, and spun out as a separate company. In 2018, SUEK took over SGC.<ref name=":14">{{Cite news|date=2018-08-31|title=Russian coal producer SUEK to take over Siberian Generating Company|language=en|work=Reuters|url=https://af.reuters.com/article/commoditiesNews/idAFR4N1VI01D|archive-url=https://web.archive.org/web/20180831184145/https://af.reuters.com/article/commoditiesNews/idAFR4N1VI01D|url-status=dead|archive-date=August 31, 2018|access-date=2019-02-21}}</ref>

In the last 15 years, SUEK has invested US$10 billion in coal production and power generation.<ref>{{Cite web|title=SUEK - Investment Story|url=http://www.suek.com/investors/story/|access-date=2021-04-17|website=www.suek.com|language=en}}</ref>

SUEK's assets produce nearly 110 million tons of coal annually and the company employs over 70,000 people.<ref>{{Cite web|title=SUEK - Data bank - Operational results|url=http://www.suek.com/investors/highlights/#operational|access-date=2021-04-17|website=www.suek.com|language=en}}</ref>

== Owners and management ==

The CEO (General Director) from 2004 to 2020 was [[:ru:Рашевский, Владимир Валерьевич|Vladimir Rashevsky]].

Since May 2020 to 2022, SUEK’s CEO was Stepan Solzhenitsyn, a former McKinsey Senior Partner in energy, and a son of famous novelist [[Aleksandr Solzhenitsyn]]. He was also CEO of SUEK’s energy division SGC. <ref>{{Cite web|title=Stepan Solzhenitsyn takes SUEK CEO position|url=https://www.akm.ru/eng/news/stepan-solzhenitsyn-takes-suek-ceo-position/|access-date=2021-04-17|website=AKM EN|language=en}}</ref>

In April 2022, Maxim Basov, ex-Rusagro, was appointed SUEK`s new CEO.<ref>{{Cite web|url=https://www.kommersant.ru/doc/5304775?|title=Гендиректором СУЭК назначен Максим Басов|language=ru|date=2022-04-11|publisher=[[Коммерсантъ]]}}</ref>

In March 2022, due to [[International sanctions during the Russo-Ukrainian War]], Vladimir Rashevsky has left the Board of directors.<ref>{{Cite web|url=https://www.interfax.ru/business/829530|title=Попавший в санкционный список ЕС Рашевский покинул совет директоров СУЕКа|language=ru|date=2022-03-16|publisher=[[Интерфакс]]}}</ref>


On July 9, 2023 Maxim Basov was replaced by Alexander Redkin.<ref>{{Cite web|url=https://1prime.ru/energy/20230707/841031343.html|title=Максим Басов оставил пост генерального директора СУЭК|language=ru|date=2023-07-07|website=Prime.ru}}</ref>
==History==
In February 2007, SUEK and [[Gazprom]] agreed to establish a joint company on the basis of their electricity and coal assets. The shares of new company would have been divided on the basis of 50% plus 1 share to Gazprom and 50% minus 1 share to SUEK. However, that deal was abandoned.<ref name=kommersant100608>
{{cite news
| url= http://www.kommersant.com/p901939/r_500/Gazprom_SUEK_abandon_/
| title = Gazprom, SUEK Drifted Apart
| newspaper = [[Kommersant]]
| date=2008-06-10
| accessdate=2011-01-01}}
</ref>


The company was founded by Russian entrepreneur [[Andrey Melnichenko (industrialist)|Andrey Melnichenko]], who controlled 92.2% of SUEK, until he withdrew as its beneficiary and resigned from its board of directors on 9 March 2022.<ref>{{Cite web |title=Owner of Russian coal producer resigns after sanction |url=https://www.montelnews.com/news/1305188/owner-of-russian-coal-producer-resigns-after-sanction |access-date=2022-03-11 |website=Montel |language=en}}</ref>
In June 2010, SUEK obtained regulatory approval to list up to 25% of its shares abroad. However, in August 2010 the [[Initial public offering|IPO]] was postponed for unspecified period.<ref name=reuters020810>
{{cite news
| url= http://uk.reuters.com/article/idUKLDE66F0AP20100802
| title = Russian miner SUEK not planning IPO for a year-IFX
| first = Nastassia | last = Astrasheuskaya
| agency = [[Reuters]]
| date=2010-08-02
| accessdate=2011-01-01}}
</ref><ref name="reuters080611">{{cite news
| url= http://uk.reuters.com/article/2011/06/08/russia-coal-ipo-idAFLDE7571DB20110608
| title = Russia's SUEK puts IPO on hold as ownership changes
| first = Polina | last = Devitt
| agency = [[Reuters]]
| date=2011-06-08
| accessdate=2012-03-05}}
</ref>


== Operations ==
In December 2010, the [[Federal Antimonopoly Service]] determined collusion by SUEK and two other coal producers. These accusations were denied by SUEK.<ref name=bloomberg281210>
SUEK operates 28 open-pit and underground mines and 27 power plants in [[Siberia]] and in the [[Russian Far East]].<ref name=":0" /> SUEK's assets produce over 100 million tons of coal annually, with assured coal reserves of 7.6 billion tons. Its coal, power generation and logistics enterprises in 14 Russian regions employ over 70,000 people.<ref name=":1">{{Cite web|title=SUEK - Annual Report 2020|url=http://www.suek.com/investors/reporting/#year_20|access-date=2021-04-16|website=www.suek.com|language=en}}</ref>
{{cite news
| url= http://www.bloomberg.com/news/2010-12-28/suek-says-not-involved-in-165-000-collusion-found-by-watchdog.html
| title = Suek Says Not Involved in $165,000 Collusion Found by Watchdog
| first = Ilya | last = Khrennikov
| agency = [[Bloomberg L.P.|Bloomberg]]
| date=2010-12-28
| accessdate=2011-01-01}}
</ref>


SUEK produces high-calorific coal with low sulphur and nitrogen content. According to The Financial Times, SUEK is Russia's largest producer of higher-quality thermal coal. <ref name=":62">{{Cite news|date=2016-09-29|title=A Young Russian Billionaire Plants the Seeds of Future Success|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2016-09-29/young-russian-billionaire-seeks-plain-sailing-in-commodity-waves|access-date=2021-04-16}}</ref><ref>{{Cite web|title=Bloomberg: SUEK owner says fossil fuels won't be replaced by alternatives|url=http://www.suek.com/media/Melnichenko-in-media/suek-owner-says-fossil-fuels-won-t-be-replaced-by-alternatives/|access-date=2021-04-16|website=www.suek.com|language=en}}</ref> SUEK uses automation and digitalization in coal mining across its 26 mines in Kemerovo and elsewhere in Siberia. In some mining operations, workers are replaced with machines. SUEK also piloted Russia’s first fully automated longwall in Polysaevo."<ref name=":2">{{Cite web|title=Financial Times {{!}} Russia’s next revolution: how technology came to the mines|url=https://www.ft.com/content/addb7e2a-b90d-11e7-9bfb-4a9c83ffa852|access-date=2021-04-16|website=www.ft.com}}</ref>
In February 2012, SUEK bought 24.9% stake in the Murmansk port.<ref name=reuters220212>
{{cite news
| url= http://uk.reuters.com/article/2012/02/22/russia-suek-murmansk-idUSL5E8DMA2L20120222
| title = SUEK buys 24.9 pct of Murmansk port
| first = Jacqueline | last = Cowhig
| agency = [[Reuters]]
| date=2012-02-22
| accessdate=2012-03-05}}
</ref>


SUEK supplies high-[[calorific value]] coal to 48 countries on 5 continents through its own sales and distribution network, including the Asia Pacific where coal plays a key role in energy access.<ref name=":0" /><ref name=":3">{{Cite web|date=2016-03-25|title=WCA report: HELE coal-fired power mitigates more CO2 than renewables|url=https://www.worldcoal.com/power/25032016/HELE-coal-fired-power-mitigates-more-CO2-than-renewables-454/|access-date=2021-04-17|website=World Coal|language=en}}</ref> In 2020, sales of SUEK comprised 67% of the total export coal sales to Asia-Pacific market. <ref>[https://finance.yahoo.com/news/suek-finance-moodys-affirms-suek-184311080.html SUEK Finance -- Moody's affirms SUEK' Ba2 ratings, outlook changed to stable from negative], https://finance.yahoo.com/</ref> In 2022, the company's revenue amounted to 83 billion rubles.<ref>{{Cite web |title=АО "СУЭК" |url=https://www.rusprofile.ru/id/2615690 |access-date=2023-11-30 |website=www.rusprofile.ru |language=ru}}</ref>
Moody's Investors Service has assigned a Ba3 corporate family rating (CFR) and a Ba3-PD probability of default rating to SUEK in October 2013. The assignment of ratings to SUEK follows the company's corporate reorganisation, as a result of which hard coal assets and logistics assets (Vanino Sea Bulk Terminal and Murmansk trade sea ports) will continue to be directly controlled by SUEK OJSC (100% subsidiary of SUEK) while brown coal deposits will be spun off and will be controlled directly by SUEK.<ref>https://www.moodys.com/research/Moodys-assigns-a-Ba3-first-time-rating-to-SUEK-PLC--PR_285554?WT.mc_id=NLTITLE_YYYYMMDD_PR_285554%3C%2fp%3E</ref>


== Sustainability ==
==Operations==
Residents of the Kemerovo region live 3-4 years less than the average Russian due to coal dust from the Siberian Coal Energy Company. The cheapness of coal generation is due to the fact that profits are privatized and losses are nationalized and borne by the regional budget. Melnichenko diligently whitewashes himself in the media (a recent example in Lenta.ru).
SUEK provides about 31% of coal in the Russian market and about 25% of Russian coal exports.<ref name=rusmergers020410>
{{cite news
| url= http://rusmergers.com/en/mna/1111-.html
| title = The share of "SIBENCO" in TGC-13 to 61.24%
| work= Rusmergers.com
| date=2010-04-02
| accessdate=2011-01-01}}
</ref> It develops Kharanor, East, and Tugnuyskogo deposits of coal, and has a license for the development of Nicholas deposit. In 2007, SUEK produced 90.9&nbsp;million tons of coal.<ref name=rusmergers040310>
{{cite news
| url= http://rusmergers.com/en/mna/449-.html
| title = SUEK acquired a controlling stake in TGK-12 and TGK-13
| work= Rusmergers.com
| date=2010-03-04
| accessdate=2011-01-01}}
</ref>


Melnichenko's PR team tried to ensure that European and American officials, whose decisions are influenced by Wikipedia articles, had a better impression of Melnichenko. They also tried to present Eurochem as a Swiss company.
In addition to the coal mines, SUEK was a shareholder of several Siberian and Far-Eastern power companies, most prominently in [[Kuzbassenergo]] (TGK-12) and [[Yenisei TGK]] (TGK-13).<ref name=rusmergers040310/> However, in April 2011 the company announced a plan to de-merge its power assets. As the first stage of de-merging, the power assets were transferred to Siberian Energy Investments Ltd., a holding company controlled by the SUEK's major shareholder Donalink Ltd.<ref name=suek150411>
Melnichenko's PR service greenwashes Russia's largest coal producer, promoting that it is at the top of ESG ratings, and that they tackle greenhouse gases.
{{cite press release
<ref>{{Cite web|title=Greenwashing Siberian Coal Energy - Telegram|url=https://web.telegram.org/a/#-1986036273|language=ru}}</ref>
| url= http://www.suek.ru/en/page.php?id=306&article=4139
| title = OJSC SUEK announces intention to demerge its power generation business
| publisher = SUEK
| date=2011-04-15
| accessdate=2012-03-05}}
</ref><ref name=reuters250411a>
{{cite news
| url= http://www.reuters.com/finance/stocks/KZBGY.PK/key-developments/article/2304118
| title = SUEK OAO Sells Its 50% Stake In Kuzbassenergo OAO-SKRIN
| agency = [[Reuters]]
| date=2011-04-25
| accessdate=2012-03-05}}
</ref><ref name=reuters250411b>
{{cite news
| url= http://www.reuters.com/finance/stocks/KZBGY.PK/key-developments/article/2304120
| title = SIBERIAN ENERGY INVESTMENTS LTD Increases Its Stake In Kuzbassenergo OAO-SKRIN
| agency = [[Reuters]]
| date=2011-04-25
| accessdate=2012-03-05}}
</ref>


== Performance Indicators ==
==Owners==
Performance indicators for years, coal production amounted to:
The chairman of the board of directors is [[Andrey Melnichenko]] and the CEO is [[Vladimir Rashevsky]], a minor shareholder of the company. 100% of SUEK shares are owned by SUEK Plc, a Cyprus-registered company controlled by Andrey Melnichenkohttp://suek.com/en/page.php?id=332.
* 2020—101.2 million tons of coal<ref name=":0" /><ref>{{Cite web|title=SUEK - Annual Report 2020|url=http://www.suek.com/investors/reporting/#year_20|access-date=2021-05-11|website=www.suek.com|language=en}}</ref>
*2019—106.2 million tons of coal<ref>{{Cite web|title=SUEK announces financial results for the full year 2020|url=http://www.suek.com/media/news/suek-announces-financial-results-for-the-full-year-2020/|access-date=2021-04-17|website=www.suek.com|language=en}}</ref>
*2018—110.4 million tons of coal<ref>{{Cite web | url = http://www.uk42.ru/index.php?Id=8312 | title = SUEK increased coal production in 2018 by 2.4 % | author = | website = | date = | publisher =}}</ref>
* 2017—107.8 million tons of coal<ref>{{Cite web | url = http://www.suek.ru/media/news/suek-opublikovala-finansovye-rezultaty-po-msfo-za-2017-god/ | title = SUEK published the results for 2017 | author = | website = | date = | publisher =}}</ref>
* 2016—105.4 million tons of coal.<ref>[http://www.suek.ru/media/news/predpriyatiya-suek-dobyli-105-4-millionov-tonn-uglya-v-2016-godu/ Enterprises SUEK produced 105.4 million tons of coal in 2016]</ref>
* 2014 - 98.9 million tons of coal.<ref>[http://1prime.ru/companies/20150120/800547281.html SUEK in 2014 increased coal production to 98.6 million tons | Companies | PRIME Economic Information Agency <! - Title added by bot ->]</ref>
* 2013 - 96.5 million tons, which is 1% less than in 2012 (according to the company's annual report for 2013).
* 2012 - 97.5 million tons of coal, which is 6% more than in 2011 (according to the company's annual report for 2012).
* 2011 - 92.2 million tons of coal (an increase of 3% compared to 2010).<ref>{{cite web | author = | url = http://www.suek.ru/page.php?id=74&article=4880 | title = SUEK enterprises produced 92.2 million tons of coal in 2011 | publisher = suek.ru | accessdate = 2012-03-05 | archiveurl = https://web.archive.org/web/20120504033917/http://www.suek.ru/page.php?id=74 | archivedate = 2012-05-04 | url-status=dead}}</ref> Reserves as of mid-2008 - 5.8 billion tons.


==References==
== References ==
{{Reflist}}
{{Reflist}}


==External links==
== External links ==
{{portal|Russia|Companies}}
*{{official website|http://www.suek.ru/en/}}
*{{official website|http://www.suek.com/en/}} {{lang in|en}}


[[Category:Coal companies of Russia]]
[[Category:Coal companies of Russia]]
[[Category:Companies based in Moscow]]
[[Category:Companies based in Moscow]]
[[Category:Energy companies established in 2001]]
[[Category:Non-renewable resource companies established in 2001]]

Latest revision as of 18:45, 10 May 2024

Siberian Coal Energy Company
SUEK
Company typePrivate (Joint stock company)
IndustryCoal mining, heat and power generation
Founded2001 (2001)
FounderAndrey Melnichenko
Headquarters
Moscow
,
Russia
Area served
Siberia and Far East
Key people

Aleхander Redkin[1]
ProductsCoal and energy
RevenueUS$6,683 billion (2020)
US$892 million (2020)
US$194 million (2020)
Total assetsUS$16,034 billion (2020)
Total equityUS$5,054 billion (2020)
Number of employees
70,000 (2020)
Websitewww.suek.com
Stella at the entrance to the Tugnuisky open-pit mine

Siberian Coal Energy Company (SUEK) is a coal and energy company based in Russia. SUEK is Russia’s largest coal supplier.[2][3][4][5]

The company was founded in 2001, it is headquartered in Moscow.[6] The full official name is Joint-Stock Company Siberian Coal Energy Company (SUEK JSC). The CEO of the company is Alexander Redkin.[2]

History

[edit]

SUEK was based on the idea to consolidate disparate coal enterprises throughout Russian regions into an industrial holding in the early 2000s.[7]

The assets that formed SUEK were distressed – the production capacity was less than 30 million tons per year, the enterprises employed 70,000 miners yet productivity was low, and virtually none of its output was exported. Amid the collapse of mining businesses and widespread miners strikes due to unpaid wages and poor working conditions, the average equipment depreciation was 90%.[7][8]

During the early years of the business, SUEK’s assets were renovated and debts were repaid. The old mines and worn-out equipment were transformed into modern enterprises, several enrichment factories and modules were put into operation, incorporating the processing technologies that allowed SUEK to produce highly enriched coal with low impurity levels.[7][9]

SUEK built coal bulk terminals and seaports, and built a coal mine methane processing station to generate power within the framework of the Kyoto Protocol. According to the Financial Times, it has invested in high-capacity washing plants and has ash control technologies at all its coal ports.[10] The first smart mining management control center was built to run all SUEK’s operations, monitoring the location and well-being of miners working underground.[7]

After the consolidation of electric power assets, the Siberian Generating Company (SGC) was created as a part of SUEK, and spun out as a separate company. In 2018, SUEK took over SGC.[11]

In the last 15 years, SUEK has invested US$10 billion in coal production and power generation.[12]

SUEK's assets produce nearly 110 million tons of coal annually and the company employs over 70,000 people.[13]

Owners and management

[edit]

The CEO (General Director) from 2004 to 2020 was Vladimir Rashevsky.

Since May 2020 to 2022, SUEK’s CEO was Stepan Solzhenitsyn, a former McKinsey Senior Partner in energy, and a son of famous novelist Aleksandr Solzhenitsyn. He was also CEO of SUEK’s energy division SGC. [14]

In April 2022, Maxim Basov, ex-Rusagro, was appointed SUEK`s new CEO.[15]

In March 2022, due to International sanctions during the Russo-Ukrainian War, Vladimir Rashevsky has left the Board of directors.[16]

On July 9, 2023 Maxim Basov was replaced by Alexander Redkin.[17]

The company was founded by Russian entrepreneur Andrey Melnichenko, who controlled 92.2% of SUEK, until he withdrew as its beneficiary and resigned from its board of directors on 9 March 2022.[18]

Operations

[edit]

SUEK operates 28 open-pit and underground mines and 27 power plants in Siberia and in the Russian Far East.[2] SUEK's assets produce over 100 million tons of coal annually, with assured coal reserves of 7.6 billion tons. Its coal, power generation and logistics enterprises in 14 Russian regions employ over 70,000 people.[19]

SUEK produces high-calorific coal with low sulphur and nitrogen content. According to The Financial Times, SUEK is Russia's largest producer of higher-quality thermal coal. [20][21] SUEK uses automation and digitalization in coal mining across its 26 mines in Kemerovo and elsewhere in Siberia. In some mining operations, workers are replaced with machines. SUEK also piloted Russia’s first fully automated longwall in Polysaevo."[22]

SUEK supplies high-calorific value coal to 48 countries on 5 continents through its own sales and distribution network, including the Asia Pacific where coal plays a key role in energy access.[2][23] In 2020, sales of SUEK comprised 67% of the total export coal sales to Asia-Pacific market. [24] In 2022, the company's revenue amounted to 83 billion rubles.[25]

Sustainability

[edit]

Residents of the Kemerovo region live 3-4 years less than the average Russian due to coal dust from the Siberian Coal Energy Company. The cheapness of coal generation is due to the fact that profits are privatized and losses are nationalized and borne by the regional budget. Melnichenko diligently whitewashes himself in the media (a recent example in Lenta.ru).

Melnichenko's PR team tried to ensure that European and American officials, whose decisions are influenced by Wikipedia articles, had a better impression of Melnichenko. They also tried to present Eurochem as a Swiss company. Melnichenko's PR service greenwashes Russia's largest coal producer, promoting that it is at the top of ESG ratings, and that they tackle greenhouse gases. [26]

Performance Indicators

[edit]

Performance indicators for years, coal production amounted to:

  • 2020—101.2 million tons of coal[2][27]
  • 2019—106.2 million tons of coal[28]
  • 2018—110.4 million tons of coal[29]
  • 2017—107.8 million tons of coal[30]
  • 2016—105.4 million tons of coal.[31]
  • 2014 - 98.9 million tons of coal.[32]
  • 2013 - 96.5 million tons, which is 1% less than in 2012 (according to the company's annual report for 2013).
  • 2012 - 97.5 million tons of coal, which is 6% more than in 2011 (according to the company's annual report for 2012).
  • 2011 - 92.2 million tons of coal (an increase of 3% compared to 2010).[33] Reserves as of mid-2008 - 5.8 billion tons.

References

[edit]
  1. ^ "ЭМаксим Басов оставил пост генерального директора СУЭК" (in Russian). Прайм. 2022-04-11.
  2. ^ a b c d e "SUEK - Overview". www.suek.com. Retrieved 2021-04-16.
  3. ^ "Russia's leading coal producer SUEK joins World Coal Association". MINING.COM. Retrieved 2021-04-16.
  4. ^ АНО «Творческий коллектив Эксперт». "Крупнейшие угольные компании России". Expert.ru. Retrieved 2021-01-29.
  5. ^ Fitch Revises SUEK's Outlook to Stable; Affirms IDR at 'BB', FitchRatings
  6. ^ "SUEK JSC - Bettercoal". Retrieved 2021-04-16.
  7. ^ a b c d "SUEK - History". www.suek.com. Retrieved 2021-04-16.
  8. ^ "400,000 Miners Strike in Russia". The New York Times. 1996-12-04. ISSN 0362-4331. Retrieved 2021-04-17.
  9. ^ "SUEK - Corporate social report 2001-2005". www.suek.com. Retrieved 2021-04-17.
  10. ^ "Clean coal is part of the answer to the Paris Agreement". Financial Times. Retrieved 2021-04-16.
  11. ^ "Russian coal producer SUEK to take over Siberian Generating Company". Reuters. 2018-08-31. Archived from the original on August 31, 2018. Retrieved 2019-02-21.
  12. ^ "SUEK - Investment Story". www.suek.com. Retrieved 2021-04-17.
  13. ^ "SUEK - Data bank - Operational results". www.suek.com. Retrieved 2021-04-17.
  14. ^ "Stepan Solzhenitsyn takes SUEK CEO position". AKM EN. Retrieved 2021-04-17.
  15. ^ "Гендиректором СУЭК назначен Максим Басов" (in Russian). Коммерсантъ. 2022-04-11.
  16. ^ "Попавший в санкционный список ЕС Рашевский покинул совет директоров СУЕКа" (in Russian). Интерфакс. 2022-03-16.
  17. ^ "Максим Басов оставил пост генерального директора СУЭК". Prime.ru (in Russian). 2023-07-07.
  18. ^ "Owner of Russian coal producer resigns after sanction". Montel. Retrieved 2022-03-11.
  19. ^ "SUEK - Annual Report 2020". www.suek.com. Retrieved 2021-04-16.
  20. ^ "A Young Russian Billionaire Plants the Seeds of Future Success". Bloomberg.com. 2016-09-29. Retrieved 2021-04-16.
  21. ^ "Bloomberg: SUEK owner says fossil fuels won't be replaced by alternatives". www.suek.com. Retrieved 2021-04-16.
  22. ^ "Financial Times | Russia's next revolution: how technology came to the mines". www.ft.com. Retrieved 2021-04-16.
  23. ^ "WCA report: HELE coal-fired power mitigates more CO2 than renewables". World Coal. 2016-03-25. Retrieved 2021-04-17.
  24. ^ SUEK Finance -- Moody's affirms SUEK' Ba2 ratings, outlook changed to stable from negative, https://finance.yahoo.com/
  25. ^ "АО "СУЭК"". www.rusprofile.ru (in Russian). Retrieved 2023-11-30.
  26. ^ "Greenwashing Siberian Coal Energy - Telegram" (in Russian).
  27. ^ "SUEK - Annual Report 2020". www.suek.com. Retrieved 2021-05-11.
  28. ^ "SUEK announces financial results for the full year 2020". www.suek.com. Retrieved 2021-04-17.
  29. ^ "SUEK increased coal production in 2018 by 2.4 %".
  30. ^ "SUEK published the results for 2017".
  31. ^ Enterprises SUEK produced 105.4 million tons of coal in 2016
  32. ^ SUEK in 2014 increased coal production to 98.6 million tons | Companies | PRIME Economic Information Agency <! - Title added by bot ->
  33. ^ "SUEK enterprises produced 92.2 million tons of coal in 2011". suek.ru. Archived from the original on 2012-05-04. Retrieved 2012-03-05.
[edit]
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Siberian_Coal_Energy_Company&oldid=1223232536"