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NEWS

Uzbekistan to have cotton refinery and export company

www.azernews.az
30 October 2015

Uzbekistan intends to create a holding company named Uzpahtasanoateksport for receiving and processing raw cotton to ensure a unified policy in cotton production and export.

The company targets increasing the quality and competitiveness of the country’s cotton and oil-fat products.

The creation of a single complex for receiving and processing raw cotton and exporting cotton fiber will also attract foreign investments for modernization and securing new equipment for the country’s cotton ginning and oil-fat producing enterprises.

Therefore, the Uzbek government is interested in creating favorable conditions for attracting foreign investment.

Under a presidential decree made public October 28 by central media outlets, the holding company will include three specialized unions.

One of them, Uzpahtasanoat JSC, will deal with the receipt and processing of raw cotton. The branches of the company will be built on the abolished Uzpahtasanoat association, while its authorized capital will be formed by transferring state shares of the authorized capital stock of the Pahtasanoat territorial associations.

The creation of another union, Uzpahtaeksport JSC, is aimed at providing the storage and export of the cotton fiber. Its authorized capital will be compiled by transferring shares of the foreign trade companies under the Uzbekistan Ministry of Foreign Economic Relations, Investments and Trade.

The third union, Uzpahtaeg JSC, will produce cottonseed oil, with the authorized capital from the state shares of cotton oil production enterprises.

The holding’s initial authorized capital will be formed with help of assets from the abolished Uzhlopkoprom union, as well as full transfer of shares from the three unions that are being created within it.

Traditionally, cotton is Uzbekistan’s most important cash crop. Uzbekistan ranks sixth in the world in terms of the production of cotton fiber and the third for its exports.

Uzbekistan annually produces about 3.5 million metric tons of raw cotton and 1-1.2 million metric tons of cotton fiber. About 60 percent of cotton produce is exported.

The enterprises of the Uzhlopkoprom association have processed 3.296 million tons of raw cotton and produced 1.095 million tons of cotton fiber in 2014.

The main importers of Uzbekistan's cotton are companies from Bangladesh, China, South Korea, the United Arab Emirates, Pakistan, Russia and Turkey within the contracts on selling of 700,000 tons of cotton fiber signed with Uzbekistan this year.