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Uzbekistan to allocate $66 M for chemical complex construction
The Uzbek Fund for Reconstruction and Development (UFRD) will allocate $65.97 million for the construction of a chemical complex for the production of polyvinyl chloride (PVC), caustic soda and methanol on the basis of Navoiazot JSC worth $501.1 million, according to the decree of the head of state.
The loan of the UFRD will be presented to Navoiazot JSC of the Uzhimprom State Joint-Stock Company (SJC) as a 15 percent advance payment on a contract with the China CAMC Engineering Co., Ltd., according to the document.
Uzhimprom State Joint-Stock Company (SJC) and China CAMC Engineering Co. Ltd. signed a contract for the construction of a chemical complex for the production of polyvinyl chloride (PVC), caustic soda and methanol on the basis of Navoiazot JSC in Uzbekistan worth $439.8 million in August 2014.
The contract was signed for the construction of the technological part on a "turnkey". Implementation period of the contract is three years.
UFRD credit will be allocated for a period of ten years, with a three-year grace period at an interest rate of 2.25 percent per annum.
The resolution said that in addition to UFRD credit, work under the contract will be financed by concessional long-term foreign loans in the amount of $373.83 million.
Design capacity of 100,000 metric tons of PVC, 75,000 metric tons of caustic soda and 300,000 metric tons of methanol per year on the basis of Navoiazot.
It was earlier reported that Uzbekistan planned to implement the project since 2006.
In March 2006 the Russian Caustic JSC (Volgograd) and Navoiazot created a Navoi-layer joint venture for the implementation of the project of initial cost of $165.5 million. Subsequently, however, the Russian company refused to participate in the project on the existing technical and financial conditions.
In mid-2009 Navoiazot and Korean ISU Engineering established a joint venture ISU Navoi Chemical for the project of PVC and caustic soda production $180 million worth, but the project was halted due to revision of previously prepared OTEC project.
In 2014 Uzhimprom could not sign a contract with the China National Chemical Engineering Company (CNCEC) which won the tender for the construction of chemical complex announced in May 2013. The reasons why the contract was not signed are not commented.
Navoiazot JSC (former Navoi chemical plant), the largest chemical company in Uzbekistan, was commissioned in 1964. The factory specializes in the production of nitrogen fertilizers, nitronic fiber as well as in integrated production of organic synthesis.
The Uzbek Fund for Reconstruction and Development (UFRD) was established in 2006 for financing and co-financing the projects included in the state investment program.
The founder of the fund is the government represented by the finance ministry. Currently, the fund's authorized capital is formed in the amount of $ 15 billion.
The means of fund are formed by extra forecasted receipts of taxes on excess profit, soil usage and excise in the budget as well as income from sale of products under the PSA with foreign partners.
In 2015, UFRD will allocate $908.1 million for the implementation of 34 projects.
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