Siberian Coal Energy Company

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Siberian Coal Energy Company
Private (Open joint stock company)
Industry Coal mining
Founded 2001 (2001)
Founder Andrey Melnichenko
Headquarters Moscow, Russia
Area served
Siberia and Far East
Key people
Andrey Melnichenko (chairman)
Vladimir Rashevsky (CEO)
Alexander Landia (Senior independent director)
Products Coal
Revenue US$4.132 billion (2015)
US$439 million (2015)
US$200 million (2015)
Total assets US$6.608 billion (2015)
Owner Andrey Melnichenko (92.2%)
Number of employees
32,100 (2015)
Parent SUEK Plc

Siberian Coal Energy Company (SUEK) is one of top-ten global coal producers by output, international sales and reserves and Russia's largest coal producer, which has affiliates and subsidiaries in Krasnoyarsk Oblast, Primorsky Krai, and Khabarovsk Krai, Chita Oblast, Kemerovo Oblast, Buryatia and Khakassia.


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.[1]

In June 2010, SUEK obtained regulatory approval to list up to 25% of its shares abroad. However, in August 2010 the IPO was postponed for an unspecified period.[2][3]

In December 2010, the Federal Antimonopoly Service determined collusion by SUEK and two other coal producers. These accusations were denied by SUEK.[4]

In February 2012, SUEK bought 24.9% stake in the Murmansk port.[5]

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.[6]


SUEK provides about 38% of coal in the Russian market and about 25% of Russian coal exports.[7] It develops Kharanor, East, and Tugnuisky deposits of coal, and has a license for the development of the Nicholas deposit. In 2015, SUEK produced 97.8 million tons of coal.[8]

In addition to the coal mines, SUEK was a shareholder in several Siberian and Far-Eastern power companies, most prominently in Kuzbassenergo (TGK-12) and Yenisei TGK (TGK-13). 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.[9][10][11]


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 Melnichenko.[3]


  1. ^ "Gazprom, SUEK Drifted Apart". Kommersant. 2008-06-10. Retrieved 2011-01-01. 
  2. ^ Astrasheuskaya, Nastassia (2010-08-02). "Russian miner SUEK not planning IPO for a year-IFX". Reuters. Retrieved 2011-01-01. 
  3. ^ a b Devitt, Polina (2011-06-08). "Russia's SUEK puts IPO on hold as ownership changes". Reuters. Retrieved 2012-03-05. 
  4. ^ Khrennikov, Ilya (2010-12-28). "Suek Says Not Involved in $165,000 Collusion Found by Watchdog". Bloomberg. Retrieved 2011-01-01. 
  5. ^ Cowhig, Jacqueline (2012-02-22). "SUEK buys 24.9 pct of Murmansk port". Reuters. Retrieved 2012-03-05. 
  6. ^
  7. ^ "SUEK 2014 Annual Report". 2015-05-01. Retrieved 2016-03-18. 
  8. ^ "SUEK Group announces IFRS 2015 results". 2016-03-11. Retrieved 2016-03-18. 
  9. ^ "OJSC SUEK announces intention to demerge its power generation business" (Press release). SUEK. 2011-04-15. Retrieved 2012-03-05. 
  10. ^ "SUEK OAO Sells Its 50% Stake In Kuzbassenergo OAO-SKRIN". Reuters. 2011-04-25. Retrieved 2012-03-05. 
  11. ^ "SIBERIAN ENERGY INVESTMENTS LTD Increases Its Stake In Kuzbassenergo OAO-SKRIN". Reuters. 2011-04-25. Retrieved 2012-03-05. 

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