President approves measures on construction of PVC complex
05/01/2015 10:51
President approves measures on construction of PVC complex
05/01/2015 10:51
Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Islam Karimov signed a resolution “On measures on realization of investment project “Construction of complex on production of polyvinylchloride (PVC), caustic soda and methanol on the basis of Navoiazot”.
The document was adopted to launch production of new high-technological chemical products, competitive in internal and external markets, based on introduction of modern efficient technologies, as well as increasing export potential.
The resolution said that the preliminary feasibility study of the project was approved in line with the set order.
After direct talks, Navoiazot of Uzkimyosanoat signed a contract with China САМС Engineering Со. On construction of the complex on production of 100,000 tonnes of PVC, 75,000 tonnes of caustic soda and 300,000 tonnes of methanole a year on turn-key bases with the cost of US$439.8 million.
Fund for Reconstruction and Development of Uzbekistan will provide US$65.97 million to the project. The loan is issued to Navoiazot to finance 15% advance payment of the contract with the Chinese company. The loan will be refinance due to Asaka Bank and issued for 10 years, including three-year grace period with interest rate of 2.25% APR, including refinancing margin of the bank for 0.25% APR with capitalization of interests, calculated in investment period.
To finance the project, it is planned to attract preferential long-term foreign loans for US$373.83 million, refinanced via Asaka Bank with refinancing margin of the bank for 0.25% APR, attracted to finance 85% of the contract.
Asaka Bank in cooperation with the Ministry of Foreign Economic Relations, Investment and Trade, Ministry of Finance of Uzbekistan and Uzkimyosanoat entrusted to discuss with foreign banks and financial institutions on attracting preferential loans to finance the project.
Uzkimyosanoat is an executive body, responsible for targeted and efficient use of loan resources and timely implementation of the project.
Navoiazot is a debtor on the project, which will repay debt and interest rates, commissions and other expenses related with servicing loans due to own resources.
President of Uzbekistan also provided customs and tax preferences to the participants of the project.
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