Uzbekistan, Tashkent, June 19 / Trend D.Azizov /
Bulgarian Prista Oil Holding EAD and Uzneftmahsulot (Uzoilproduct, a subsidiary of the Uzbekneftegaz National Holding Company (NHC) established two joint ventures for the collection and recycling of waste industrial oils, a source in the holding told Trend on Tuesday.
According to the source, JV Uz-Ecoprotect, created with the authorised capital of $1 million, will be engaged in the collection, storage and transportation of used industrial oils. The share of Uzoilproduct in the authorised capital of the joint venture is 49 percent, Prista Recycling (a subsidiary of Prista Oil Holding EAD) - 51 percent.
The second joint venture - Uz-Prista Recycling will focus on recycling of waste technical oils. Its authorised capital is $15 million with the same equity participation of the parties.
Both enterprises will be located in a specialized industrial zone of Angren in Tashkent region.
By decision of the Government, the State Property Committee of Uzbekistan implements the joint venture Uz-Prista Recycling at zero redemption value of the unused areas of the former Rezinotekhnika (not less than three hectares) with registration of ownership of the company after meeting investment obligations.
In accordance with the agreements, the Bulgarian company has to invest over three years $15 million in the design and construction works, supply and installation of technological equipment for processing of used industrial oils of up to 43,000 tons per year and production of base oils.
As previously reported, last year Prista Oil Holding EAD bought Texaco Overseas Holding Inc. (50.1 per cent in the JV Uz-Texaco) in Uzbekistan. JV Uz-Texaco was later renamed the JV Uz-Prista. The founder of a joint venture with the Uzbek side is Uzoilproduct (49.9 percent).
In October last year, JV Uz-Texaco launched the production of synthetic motor oils under license of Prista Oil.
This year JV Uz-Prista must implement a project for the production of synthetic and semi-synthetic oils, as well as antifreezes of design capacity of 5,000 tons per year. The cost of the project is $ 1 million.
JV Uz-Texaco was created in 1997 by Uzoilproduct and the U.S. Texaco (now Chevron) for the production of motor oils and lubricants, with equity participation of the parties - 49.9 percent and 50.1 percent respectively.
The industrial base of the company is located in territory of the Fergana oil refinery.
At present, the joint venture produces up to 30 items of mineral engine oil, hydraulic oil, gear oil and other oils. Products are supplied to the domestic market and exported to the countries of Central Asia.
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