Recently, a meeting took place in Moscow, where, in addition to Sergey Tsivilev and Daniyar Amangeldiev, the Minister of Energy Talaybek Ibraev and representatives of "RusHydro" were present. Among the participants was also Alexey Shirshov, the former chairman of the board of OJSC "TNK 'Dastan'."
It is worth recalling that in 2012, Kyrgyzstan and Russia signed an agreement for the construction of the Upper Naryn Cascade of Hydroelectric Power Stations (which includes four HPPs). Construction work indeed took place until 2015, but the economic crisis in Russia was the reason why investors could not fulfill the terms of the agreement, and the project was suspended. In January 2016, Kyrgyzstan, under the leadership of President Almazbek Atambayev, terminated the contract with the Russian side, remaining indebted $37 million—the amount that had been invested in the construction of the HPPs up to that point.
In June 2017, Atambayev announced that a new investor had been found, willing to continue the project. As a result, on July 10, during the signing of the investment agreement, it became known that the Czech company Liglass Trading CZ s. r. o. would take on the obligations for the construction of the cascade and several small HPPs.
However, after the signing of the agreement, a scandal arose involving the presidents of the Czech Republic and Kyrgyzstan, as well as their administrations. Kyrgyzstan stated that the Czech company was constantly delaying its obligations to pay the $37 million to "RusHydro."
In September 2017, Deputy Prime Minister Duyshenbek Zilaliev announced the termination of the contract with Liglass Trading. He reported that the amount of $1 million 147 thousand, transferred by the company as a guarantee deposit, would remain with the Kyrgyz side.
In 2018, "RusHydro" went to court in The Hague, demanding the return of the $37 million spent on the construction of the cascade. The court sided with the Russian company, partially satisfying its claims and recognizing that Kyrgyzstan is obligated to compensate the costs incurred by "RusHydro" within the framework of the project.
In 2022, when Akylbek Japarov held the position of Chairman of the Cabinet of Ministers, he announced the conclusion of disputes regarding the Upper Naryn Cascade of HPPs. An agreement was reached to convert the $37 million into an internal sovereign debt in the dispute between "RusHydro" and the Ministry of Energy; however, in fact, Kyrgyzstan did not make the payment.
