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Economy 26/03/2010 Uzkimyosanoat, IPIC to create US$1.34bn chemical complex in Navoi
Uzkimyosanoat, IPIC to create US$1.34bn chemical complex in Navoi
Tashkent, Uzbekistan (UzDaily.com) -- Uzkimyosanoat state joint stock company and International Petroleum Investment Company (IPIC, UAE) will build complex on production of ammonia and carbamide in Navoi region with the cost of US$1.34 billion.

In line with the governmental resolution, the annual capacity of the complex will be 900,000 tonnes of ammonia and 1 million tonnes of carbamide.

The sides will create a joint venture and each of them will possess equal share in the charter capital. The authorized capital will be US$536 million and it will be formed step-by-step in 2010-2014.

IPIC undertook obligation to create consortium of foreign banks and financial institutions to finance loan part of the project. The loans will be attracted without warranties of the Uzbek government.

UAE firm will also ensure that at least 70% of carbamide, produced at the plant, will be exported on world prices.

The Uzbek side will ensure construction of necessary external infrastructure for the complex, including electricity supply lines, motor and rail roads, etc.

The project will be financed due to US$803 million loan of international consortium, US$268 million - IPIC funds and US$268 million – own resources and attracted funds of the Uzbek side.

MAN Ferrostaal AG of Germany will develop project main technologic production objects, while Uzkimyosanoatloyiha will plan supporting production objects and infrastructure.

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