Tashkent, Uzbekistan, March 14
By Demir Azizov - Trend:
The Uzbek-Bulgarian joint venture Uz-Prista Recycling plans to put into operation a used motor oil regeneration plant worth $ 15 million in Uzbekistan in June 2014, a source close to the project told Trend on March 12.
The construction operations were completed at the plant with a design capacity of processing the used motor oils in the volume of 43,000 tons and producing the base oils in the volume of 30,000 tons annually. The technological equipment for waste oil purification will be installed soon.
It was earlier reported that Bulgarian Prista Oil Holding EAD and Uzoilproduct (a subsidiary of the Uzbekneftegaz National Holding Company (NHC) established two joint ventures for collecting and recycling the used lubricants in 2012.
Uz-Ecoprotect joint venture was created with the authorized capital of $1 million to be engaged in the collection, storage and transportation of used industrial oils. The share of Uzoilproduct in the authorized 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 used oils and producing base oils. Its authorized capital is $15 million with the same equity of the parties.
The joint enterprises were established in Angren specialized industrial zone in Tashkent region.
Prista Oil Holding EAD bought the share of Texaco Overseas Holding Inc. (50.1 percent in Uz-Texaco joint venture) in Uzbekistan in 2011.
Uz-Texaco joint venture was later renamed into Uz-Prista joint venture. The founder of the joint venture from the Uzbek side is Uzoilproduct (49.9 percent).
Uz-Texaco joint venture launched the production of synthetic motor oils upon a license of Prista Oil on the basis of Fergana Oil Refinery in October 2011.
Some 70 percent of Uz-Texaco's goods are exported to the countries of Central Asia, Eastern Europe and other regions abroad.
The Angren special industrial zone was established upon President Karimov's decree in 2012. The Angren operation term is 30 years with the possibility of extension. The special tax regime, customs benefits are valid in the territory within this period. The benefits are granted for a term of three to seven years depending on the volume of investments.
Translated by NH
Edited by CN