Uzbekistan, Tashkent, Feb. 1 / Trend D. Azizov /
Maxam-Chirchiq enterprise (the city of Chirchik, Tashkent region) has completed upgrading carbamide production worth $20.8 million, a source at the enterprise told Trend on Friday.
According to the interlocutor, the carbamide production at the enterprise increased by 1.6 times - up to 270,000 tons per year following the project implementation.
The project was implemented by Russian "Research and Design Institute of Carbamide and Organic Synthesis" (Dzerzhinsk, Nizhny Novgorod region). It is the winner of the tender for the design, equipment supply, supervision and participation in commissioning. The contract signed between Maxam-Chirchiq and Russian Institute is worth $17.687 million.
The project was financed by Spanish MAXAM's investment commitments (it holds a 49 percent stake in the company) at the amount of $ 14.1 million and Maxam-Chirchiq's equity - $ 6.4 million.
Maxam-Chirchiq enterprise was put into operation in 1940. The company specializes in the production of ammonia, ammonium nitrate and carbamide.
In 2007, the Spanish Maxam Corp. S.A.U. acquired 49 percent stake in OAO Electrokhimprom for $ 22 million with investment commitments of $ 55 million to be invested in the development of the company during five years.
Besides shares owned by the Spanish company, 51 percent of shares are state-owned in the structure of Maxam-Chirchiq's authorized fund.
A large-scale ammonia unit AM-76 worth $ 24.72 million was reconstructed and modernized at the enterprise in 2010.
MAXAM Corp. S.A.U. commissioned the production of low-density ammonium nitrate (porous ammonium nitrate) at Maxam-Chirchiq company worth $15.4 million in November 2011.
The plant produces about 35 kinds of chemical products, including liquid technical ammonia, nitric acid, ammonium nitrate and urea, ensuring the needs of the domestic market and exporting its products to CIS countries, EU, U.S., Latin America, and Australia.
Uzbekistan implements a State program on modernization of enterprises of the chemical industry by 2015.
The program includes 12 projects worth $262.9 million which are already being implemented, as well as six projects worth $1.79 billion being developed. The total cost of the program is $2.062 billion.
The program is financed through foreign investments and loans, loans of the Uzbek Reconstruction and Development Fund and other sources.