Azernews.Az

By Ali Mustafayev

Uzbekistan plans to attract investments worth $137, 36 million under the state guarantee to finance projects of Navoiazot plant.

Navoiazot JSC, established in 1964, is one of the largest chemical plants of Uzbekistan and produces mineral fertilizers.

President Uzbekistan Shavkat Mirziyoyev signed a resolution “On additional measures for timely implementation of investment projects at JSC Navoiazot”. Under the presidential resolution, Navoiazot will attract loans for construction of capacities on production of ammonia and urea.

A consortium of Japanese banks led by the Bank of Tokyo Mitsubishi will provide a loan to finance payment of the insurance premium of the Nippon Export and Investment Insurance (NEXI) for 2.5 billion Japanese yen ($21.74 million).

The loan is granted for 7 years, including a three-year grace period, at a floating rate of 6-month LIBOR (yen) + 1.45% per annum, including the refinancing margin of Asaka Bank at a rate of 0.25% per annum

A consortium of banks Commerzbank (Germany) and Crédit Suisse (Switzerland) will provide a loan of $115.62 million to realize the project “Organization of production of nitric acid at Navoiazot”. This loan is provided for 11 years, including a three-year grace period.

The Uzbek leader also instructed Asaka Bank and Uzpromstroybank to ensure the opening of credit lines to Navoiazot in national currency for $35.4 million. The credit lines will be provided for 10 years with five-year grace period. The credits will be directed to replenish working capital of Navoiazot.

The plans indicate, among others, building of a complex, producing PVC, caustic soda and methanol worth over $501.5 million. The project capacity is planned to be 100.000 tonnes of PVC, 71.800 tonnes of caustic soda and 295,400 tonnes of methanol a year.

The project on “Building of ammonia and carbamide production” worth $985.7 million stipulates production of 660,000 tons of ammonia and 577,500 tons of carbamide per year. The project is implemented by Mitsubishi Heavy Industries and Mitsubishi Corporation.

Another project will focus on nitric acid production. The cost of the project is $216.67 million, the capacity will be 500,000 tonnes of non-concentrated acid a year. The project is headed by Casale S.A.

The document allows to work on the construction and the project financing at the same time until July, 2018. This and other measures are taken to accelerate the process of invest projects’ realization.

The President of Uzbekistan assigned personal responsibility for failures to the heads of ministries and departments involved.

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