Investors are interested in banks of Uzbekistan; “Uzbekneftegaz” and Air Products are preparing to create an enterprise for the production of rare gases; American Epsilon to invest over $2 billion in development of hard-to-recover gas reserves in Uzbekistan; Plant for production of bicycles and motorcycles opened in Namangan region;
Investors, especially foreign and international financial institutions, show great interest in the financial institutions of Uzbekistan, in particular, banks. It is reported by the press service of the State Committee on Competition.
The State Assets Management Agency received state-owned packages in the banks of the republic, which were formerly owned by the Ministry of Finance. Now 13 out of 29 banks have state-owned blocks of shares. Five banks are 100% owned by the state. The agency will help to implement the advice and recommendations of international organizations and consulting companies in the work of these banks.
“Uzbekneftegaz” and Air Products are preparing to create an enterprise for the production of rare gases
Uzbekneftegaz and American Air Products are discussing the creation of a joint venture for the production and distribution of technical and rare gases, the press service of the company said.
“At meeting discussed the conditions for creating a joint venture for the production of technical and rare gases. This initiative was proposed during last year’s visit of the President of the Air Products company, Seyfi Gassemi, to Uzbekistan. Since then, the parties have conducted joint marketing research and studied the demand for technical and rare gases in the Republic of Uzbekistan and in foreign markets,” the report says.
The parties agreed to prepare for signing in March this year an agreement on the establishment of a joint venture for the production and distribution of technical and rare gases.
American Epsilon to invest over $2 billion in development of hard-to-recover gas reserves in Uzbekistan
The US investment company Epsilon Development Company will invest more than $2 billion in the development of hard-to-recover gas reserves in Uzbekistan, Forbes Kazakhstan reports.
“In Uzbekistan, Epsilon has received five large investment blocks of gas fields and plans to invest in them more than $2 billion in total,” the report says.
“The development of heavy deposits is a high-cost production that requires consideration of both technical and financial risks, and, of course, the investor is trying to arrange its activities with favorable conditions. At the same time, Uzbekistan managed to protect its interests and build relations according to the principle of public-private partnership (50 to 50) in such a way that the amount of investor’s expenses does not affect the share received by the state from sales of marketable products,” noted in the article.
An agreement on the organization of production was signed between Uzavtosanoat JSC and Lifan Group Co.Ltd, which acts as a supplier of component parts for products. The initial production volume is about 150,000 a year with a phased increase.
This project is included in the Investment Program of the Republic of Uzbekistan for 2019, in which it is planned to attract US$200,000 of investments.
In the future, the production facilities of the Norin Moto Bike will produce motorcycles, tricycles, scooters and mopeds. It should be noted that employees of the Norin Moto Bike plant had an internship in China before launching production. The new plant made it possible to employ over 150 people in the locality with a further increase to 500 jobs.