Uzkimyosanoat and the Russian Tatneft signed an agreement on creation of a joint venture at the First Mechanical Rubber Plant (FMRP) in Angren.
The deal was signed at the Uzbekistan-Tatarstan business forum held in Tashkent as part of the visit of the President of Tatarstan Rustam Minnikhanov to Uzbekistan.
“The joint venture will own the plant, we own the 51% stake in the joint venture,” Nail Maganov, Director General of Tatneft, told reporters following the signing of the document. He added that the Uzbek side is participating in the joint venture mainly through the assets of the plant, while the Russian company is injecting cash.
“The amount of investments is provisionally estimated at least half a billion dollars, he noted.
The chairman of Uzkimyosanoat, Odil Temirov the feasibility study of the plant extension project will be due before the year-end.
Uzkimyosanoat completed the construction of the US$ 200 million FMRP tire factory in August 2018. The plant's annual capacity is 3 million automobile tires, 200 thousand agricultural tires and 100 thousand meters of conveyor belt per year. The general contractors of the project were Chinese Poly Technologies and Linglong.
