Uzbekistan, Tashkent, Sept. 11 / Trend D. Azizov /
The Uzbek- Italian joint venture Ariston Termo-UTG has put into operation a heating equipment production plant worth $15 million in Uzbekistan, a source close to the project told Trend today.
It was reported that Ariston Termo-UTG was established by the Uzbekneftegaz National Holding Company and Italian Ariston Thermo Group in 2013. The project was financed by Uzbekneftegaz's funds worth $10 million and the Italian company's direct investments.
The enterprise, established in the Navoi free industrial and economic zone will produce heating and Ariston hot water boilers with a capacity from 30 to 150 litres, intended for domestic and industrial purposes.
The enterprise's design capacity is 120,000 sets per year. The joint venture plans to produce 30,000 sets of heating equipment by late 2013.
At the first stage, production will be sold on the domestic marke. After the company reaches the full capacity, it is planned to export about 50 per cent of its production.
The Navoi free industrial and economic zone was created in December 2008 upon the Uzbek President's decree. Currently there are 13 facilities worth about $90 million, specialising in the production of household electrical appliances, plastic pipes and automotive components.
Uzbekneftegaz is a monopoly operator in the Uzbek oil and gas complex. It was founded in 1998 and unites six joint stock companies.