Uzhimprom's net profit increases more than four times in 2009
Uzbekistan, Tashkent, May 24 / Trend D. Azizov /
Net profit of the state joint-stock company Uzhimprom in 2009 increased 4,3 times, which amounted to 8.185 billion soums, the company said.
Fixed assets of the company declined in 2009 by 6.8 percent - up to 1,753 billion soums. The volume of long-term investments increased by 7.1 percent - up to 175.469 billion soums.
Commitments decreased by 29.9 percent - up to 1,063 billion soums, including current liabilities - almost 2,5 times up to 374.731 million soums. Long-term liabilities increased by 1,5 times - up to 688.764 million soums.
Uzkimyesanoat was founded in March 2001 on the basis of chemical industry associations Uzhimprom. The authorized capital of the company worth 130.783 billion sums was formed from the assets of state-owned 43 businesses and organizations of chemical profile.
Uzkimyesanoat realizes a program to modernize the industry worth $2.1 billion adopted by the government.
The program is designed for the period up to 2015, included 19 projects. It includes projects for the reconstruction of aggregates for the production of ammonia, AM-76 at two chemical plants - JSC Ferganaazot and OJSC Maksam-Chirchik (Tashkent region) worth $52.2 million, the organization of a new production of nitro-calcium-phosphate fertilizer in Samarkandhimiya OJSC worth $8.2 million.
It was reported that Maksam-Chirchik OJSC sells two projects - to organize production of ammonium nitrate with low-density value of $9.2 million dollars and to modernize the production of urea ($27.5 million).
In the third quarter, the company plans to complete construction of Dekhkanabad potash fertilizer plant worth $123.7 million. General contractors are the Russian JSC "West-Ural Machine Building Concern" and Chinese CITIC Pacific Ltd. The plant's capacity will be 200,000 tons of potash per year.
Earlier this year, Uzkimyesanoat and International Petroleum Investment Co (IPIC, UAE) signed an investment agreement to create joint venture for the construction of chemical complex in Navoi region worth $1.34 billion. In accordance with the preliminary parameters, it is planned to build a plant producing 750,000 tons of ammonia and 1 million tons of carbamide on the basis of OJSC "Navoiazot". It will be put into operation by late 2013. It is planned that Germanic MAN Ferrostaal will deal with the basic design and construction of "turnkey".
OJSC Navoiazot and ISU Corp. (South Korea) have created a joint venture ISU Navoi Chemical to build production of polyvinyl chloride (PVC) worth $180 million in 2009. It is planned to build a plant with a design capacity of 50,000 tons of PVC and 32,000 tons of caustic soda per year on the basis of "Navoiazot".
Financing of the projects is provided by foreign investments and loans worth $1.438 billion, loans of the Fund for Reconstruction and Development in Uzbekistan - $374 million, own funds of Uzkimyesanoat - $196.7 million and loans of the Uzbek banks - $53,3 million.