Uzbekistan, Tashkent, Jan. 24 / Trend D.Azizov /
The Xorazm Shakar plant, the only sugar producer in Uzbekistan, increased sugar output by 0.1 per cent to reach 323,100 tons in 2012 compared to the same period of 2011, the enterprise said today.
The plant worth $83.25 million was put into operation in 1998. Initially it was designed for processing sugar beet which was planned to be grown in Uzbekistan. However, the plant's activity was stopped due to low crop capacities.
In 2002, the Uzbek-Austrian-American joint venture Shakar Investment implemented a project worth $2 million to transfer the plant capacity for raw cane sugar processing. At present, the processing capacity is 1000 tons of sugar a day.
In March 2006 the Austrian SEID Nandelsgesellshaft mbH acquired a 99.43 per cent stake in Xorazm Shakar for $17.6 million and took additional investment obligations on repayment of the company's credit debt worth $11.6 million and 7.2 billion soums.
Currently, Panamanian Motril Investments with a 69.43 percentage of shares, Singapore KITO Investments with 20 per cent and SEID Handels GmbH holding 10 per cent are shareholders. Company employees hold a 0.57 per cent share.
The plant intends to implement a modernisation project worth $7.2 million in 2012-2013. According to these plans, new equipment will be installed. It will increase the plant's capacity by 90,000 tons and ensure an output of up to 390,000 tons of sugar annually. The project will be financed by the plant's own funds.
Uzbekistan's annual demand for sugar is about 630,000 tons.