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Chinese Eximbank to issue US$300m to construction of PVC complex in Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) --
Export-Import Bank of China is planning to issue a loan for US$300 million to Uzbekistan till the end of 2013 to construction of a chemical complex for production of polyvinyl chloride (PVC) on the basis of Navoiazot.
Energonews reported quoting the source in the Uzbek company that the preliminary agreement on allocation of loan was reached during the visit of the Chinese President Xi Jinping to Uzbekistan in early September.
China National Chemical Engineering Co.,Ltd (CNCEC) won a tender for construction of the complex. In line with the tender terms, announced in May 2013 with the starting price of US$440 million, the winner should construct PVC complex with the capacity of 100,000 tonnes of PVC, 64,000 tonnes of caustic soda, and 300,000 tonnes of methanol a year. The project will be implemented within 31 months. The contract with the Chinese firm can be signed in October 2013.
The project with the cost of US$470.8 million will be financed due to own resources of the Uzbek side along with the loan of the Chinese Eximbank.
Navoiazot is a largest chemical plant in Uzbekistan, which was commissioned in 1964. It produces nitric fertilizers, nitronic fiber, as well as integrated production of organic synthesis.
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