Over 30 investment projects to be implemented in chemical industry of Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev signed a resolution on measures to further reform and increase the investment attractiveness of the chemical industry.

The head of Uzbekistan approved a program for the development of the chemical industry for 2019-2030.

The program envisages implementation of 31 investment projects with an estimated value of US$12.1 billion, including US$1.7 billion due to foreign direct investment and loans.

The program stipulates modernization, expansion of existing and creation of new energy-efficient facilities for the production of nitrogen, phosphate, potash and complex mineral fertilizers.

New capacities will be created for production of polymer products, including polyethylene terephthalate (PET), polyvinyl chloride (PVC), synthetic rubber, polystyrene, polyurethane, polyol, acrylonitrile-butadiene-styrene (ABS) plastic, polyacrylonitrile (PAN).

It is also planned to create production clusters for the production of new types of chemical products in demand in economic sectors.

The President ordered to realize the state and Uzkimyosanoat shares in the authorized capitals of business entities.

In particular, it is planned to sell 60.35% of state shares and 39.65% of shares of Uzkimyosanoat in the authorized capital of Samarkandkimiyo at a “zero” redemption value and 51% share of Uzkimyosanoat in the authorized capital of Kungrad soda plant at market value.

Also, 70.54% of state shares and 25% of shares of Uzkimyosanoat in the authorized capital of Kukon Superphosphate Zavodi will be sold. Indorama (Singapore) will acquire these shares for US$4.3 million.

About 48.05% of state shares and 2.95% of shares of Uzkimyosanoat in the authorized capital of Ferganaazot will be put up for competitive bidding at market value.

At a public auction at market value, 26.14% of shares of Uzkimyosanoat will be sold in the authorized capital of the Elektrokhimzavod.

Based on the initial public offering (IPO) at the initial stage, up to 25% of the shares of the authorized capital of Jizzah Plastics will be sold.

The President ordered to transform Dekhkanabad Potash Plant into a joint-stock company and realize 51% or more of the company’s authorized capital. Birincirezinotekhnika Zavodi will also become a joint-stock company and 51% of the company’s shares will be sold at market value.