Uzbekistan, Tashkent, Sept. 21 /Trend, D.Azizov/
Indian Himachal Futuristic Communications Ltd (HFCL) and National Holding Company Uzbekneftegaz (NHC) signed a memorandum of understanding to establish a joint venture for the production of fiber-optic cable for gas pipelines, with a capacity of 1,000 kilometers of cable per year, a source at the Uzbek company told Trend on Wednesday.
The source said in accordance with the memorandum, HFCL and NHC will sign the founding documents of the joint venture with a statutory fund $5 million by the end of 2011. The source did not inform how the founders' shares in the share capital of JV will be distributed.
The plant for cable production will be located in the Navoi Free Industrial Economic Zone (FIEZ).
Navoi FIEZ was established upon the presidential decree in December 2008.
Its functioning term is 30 years. Special customs, currency and tax regimes will operate here during the period. Currently, the total length of gas pipelines in Uzbekistan totals about 14,000 kilometers.