Chemical plant in Uzbekistan to be transferred to Cypriot company

Oil&Gas Materials 27 September 2019 14:18 (UTC +04:00)

Baku, Azerbaijan, Sept. 27

By Fakhri Vakilov - Trend:

The Cypriot company Ferkensco Management Limited has launched the investment project Construction of a Chemical Complex for the Production of Complex Mineral Fertilizers in the Samarkand region of Uzbekistan on the Basis of Samarkandkimyo JSC in accordance with the Chemical Industry Development Program for 2019-2030, Trend reports citing a document published by Uzkimyosanoat JSC.

In August this year, it was decided to sell 60.35 percent of state shares and 39.65 percent of shares of Uzkimyosanoat JSC in the authorized capital of Samarkandkimyo JSC at a zero redemption value to the Cypriot company Ferkensco Management Limited.

According to Uzkimyosanoat, the investment and social obligations of a Cypriot company can amount to at least $200 million through direct investments, as well as loans from foreign and local financial institutions without providing a government guarantee.

The amount of investment can be increased according to the feasibility study of the investment project, the information says. A modern environmentally friendly chemical complex for the production of complex mineral fertilizers should be put into operation before July 1, 2023.

It is proposed that in case of failure to fulfill the investment and social obligations, the shares are returned to their owners for further effective management, without returning previously made investments to the investor.

The document may be amended, supplemented or rejected.


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