Good figures from Tyumenaviatrans hide 48m rubles of accounts recievable from Gazprom

Published: 12/13/1999

The recently reported nine month results for Tymenaviatrans (TAT) suggested that the company could be on the road to recovery, although Russian accounting standards made the interpretation of the figures presented less than transparent. Further information confirms that, while the company has moved into profit, its accounts receivable are still very considerable. Gazprom is cited as having paid only Rb 2m out of Rb 50m owed for helicopters used during the construction of the Long-Yugan pipeline in summer 1999. OAO Surgutneftegas and the UN organisation are reported to be the only reliable payers for TAT. In 1999, TAT undertook UN work in the Central African Republic and is about to undertake more in the Republic of Mozambique. Associated article: www.concise. org. 16th November 1999

Article ID: 1215