Rosugol ( Russian: Росуголь) was a state-owned coal producer in Russia. It controlled 232 mines, 65 open-cast mines and 68 coal preparation plants. [1] In 1995, it was the fourth largest company in the country by revenue. [2] Yuri Malyshev was the company's chairman.
Rosugol was established in March 1993 by the Russian government. [3] Created as a successor to the Soviet Ministry of Coal Industry, it retained many of its functions. [4] It operated as a national coal monopoly, and its functions included allocating subsidies to mines. [5] As part of the country's transition to a market economy, Rosugol classified mining operation based on their economic viability. [5] Those deemed unlikely to survive market conditions were closed down, with miners being relocated to other regions. [6]
In 1994, the Russian government allocated $2.8 billion on direct subsidies to the sector through Rosugol, or more than 1% of the country's GDP. [5] Part of the support came from the World Bank. In July 1997, the World Bank postponed a $500 million loan to the coal sector, citing a misuse of fund given to Rosugol. [7] Under pressure from the bank, President Yeltsin abolished the state-owned company in November 1997. [8] Its administrative functions were transferred to the Ministry of Fuel and Energy. [9]
Rosugol ( Russian: Росуголь) was a state-owned coal producer in Russia. It controlled 232 mines, 65 open-cast mines and 68 coal preparation plants. [1] In 1995, it was the fourth largest company in the country by revenue. [2] Yuri Malyshev was the company's chairman.
Rosugol was established in March 1993 by the Russian government. [3] Created as a successor to the Soviet Ministry of Coal Industry, it retained many of its functions. [4] It operated as a national coal monopoly, and its functions included allocating subsidies to mines. [5] As part of the country's transition to a market economy, Rosugol classified mining operation based on their economic viability. [5] Those deemed unlikely to survive market conditions were closed down, with miners being relocated to other regions. [6]
In 1994, the Russian government allocated $2.8 billion on direct subsidies to the sector through Rosugol, or more than 1% of the country's GDP. [5] Part of the support came from the World Bank. In July 1997, the World Bank postponed a $500 million loan to the coal sector, citing a misuse of fund given to Rosugol. [7] Under pressure from the bank, President Yeltsin abolished the state-owned company in November 1997. [8] Its administrative functions were transferred to the Ministry of Fuel and Energy. [9]