BAKU, Azerbaijan, Nov. 27
By Fakhri Vakilov-Trend:
Russian Tatneft oil company and Uzbekistan’s Uzkhimprom chemical company have created a joint venture (JV) that will own assets of the First Rubber Plant, the only tire manufacturer in Angren city of Uzbekistan, Trend reports citing Uzbek media.
The document was signed following the Uzbekistan-Tatarstan business forum held in Tashkent as part of the visit of President of Russia's Tatarstan Rustam Minnikhanov to Uzbekistan.
“The joint venture will own the plant. We have 51 percent in the joint venture,” said General Director of Tatneft Nail Maganov after signing the document.
According to the general director of Tatneft, the Uzbek side is participating in the joint venture with assets of the plant, and the Russian company allocates funds. To date, the amount of funding is estimated at least $500 million.
According to the chairman of Uzkhimprom Odil Temirov, it is planned to prepare a feasibility study for a project to expand the capacities and nomenclature of products manufactured by the tire plant by the end of the year, with the participation of Tatneft.
Uzkhimprom completed a tire factory worth about $200 million in August 2018. The production capacity is three million automobile tires, 200,000 agricultural tires and 100,000 linear meters of conveyor belt per year. The general contractors of the project were Chinese Poly Technologies and Linglong.
Tires were not produced in Uzbekistan before the launch of the Angren factory; they were fully imported from the CIS countries, in particular Russia, and also from China. The new enterprise is designed to meet the needs of GM Uzbekistan (Asaka, Andijan region) and Samarkand Automobile Plant LLC.
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