Uzbekistan, Tashkent, Jan. 9 / Trend, D. Azizov /
Uzbekneftegaz National Holding Company and Ariston Thermo Group Corporation (Italy), one of the leading companies in the field of heating and water heating equipment, have signed an agreement to establish a joint venture to produce heating equipment, the Uzbek holding said today.
According to the report, the joint venture will produce domestic and industrial Ariston heating and hot water boilers with a capacity of 30 to 150 liters.
The production facility is planned to be established in the "Navoi" Free Industrial Economic Zone.
Other conditions of the joint venture establishment have not yet been specified.
According to the 2013 state investment program, Uzbekneftegaz plans to implement a project worth $ 15 million to establish the production of heating and hot water boilers at the Navoi Free Industrial Economic Zone with a design capacity of 120,000 sets per year.
According to the program, the first phase of production is worth $5 million and a capacity of 10,000 sets per year will be put into operation in April 2013.
At the first stage, the goods will be sold on the domestic market. After the joint venture is fully commissioned, around a half of the production will be exported.
"Uzbekneftegaz" is a monopoly operator in the Uzbek oil and gas complex. It was founded in 1998 and unites six joint stock companies.
"Navoi" free industrial economic zone was created upon a decree of Uzbek President Islam Karimov adopted in December 2008.
"Navoi" Free Industrial Economic Zone's terms allow for 30 years of activity with the opportunity of extension. During this period, there will be special customs, currency and tax regimes, simplified procedures for entry, stay and departures, as well as permits for Uzbek non-resident citizens' employment. Tax incentives will be applied with a minimal investment volume of 3 million Euros.
At present, some 25 enterprises created with the participation of foreign investors, including 13 production facilities specializing in the production of household electrical appliances, plastic pipes and car parts, are operating in Navoi Free Industrial Economic Zone.