INFORMATION DIGEST OF PRESS OF UZBEKISTAN # 69

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INFORMATION DIGEST OF PRESS OF UZBEKISTAN # 69

economy.. 1

Uzbekneftegaz implements projects for US$20.6bn. 1

investments. 2

Uzbekistan: Moving in the Right Direction. 2

FINANCE.. 2

“Uzpromstroybank”‘s portfolio of credit investments reaches 7.3 trillion soums. 2

BUSINESS CLIMATE.. 3

Family business is an important factor in women’s employment 3

 

 

economy

Uzbekneftegaz implements projects for US$20.6bn

Uzbekneftegaz is implementing 38 projects with a total volume of investments worth US$20.6 billion.

In 2016, within the 9 investment projects with a total volume of investments at US$624.08 million are planned to be completed and put into operation by the end of this year.

Within the commissioning of the above facilities, it is projected to create 10 certified centers specialized on installation of LPG equipment on motor vehicles, BCS with a capacity of 18 MW, as well as capacities for the production of 80 thousand tons of granulated sulphur and 8 thousand tons of liquefied gas, for cleaning up to 6 billion cubic meters of gas and production of 37.1 million kWh of electricity for own needs.

The extraction of valuable components from the existing raw material resources through their further processing, expansion of geography of export of products with high added value are defined as one of the main priorities and objectives of the oil and gas industry of the Republic.

Foreign investments, modern technology and equipment are being attracted for these purposes. In particular, in the framework of the Investment program, 14 projects with a total volume of foreign investments are being implemented in the current year with the participation of foreign investments and loans.

The foreign partners are leading global companies in such areas as geological exploration works, extraction and processing of hydrocarbons, transportation of natural gas, production of plastic products, gas cylinders, construction of a new gas processing plant, CNG stations, certified centres for installation gas cylinders for compressed gas in vehicles, etc.

In particular, the project on production of synthetic liquid fuel based on cleaned methane of Shurtan gas-chemical complex is one of the largest in the world in gas processing and production of synthetic liquid fuel. First of all, it is the deepening of processing of raw materials and the creation of new added value. The calculations show that, compared with the cost of the initial methane, the cost of the resulting synthetic hydrocarbon will increase by more than 2.2 times, the effect of import substitution will exceed $1 billion per year. The contract for the construction of a plant for the production of synthetic liquid fuels was signed with the Korean company Hyundai. Within the framework of the project, it is planned to utilize US$510.46 million of foreign investment by the end of this year.

Another project – the development of deposits of Kandym group with the construction of a modern gas plant and the exploration at Kungrad site on the PSA terms. This year the construction of the Kandym gas processing plant will enter into an active phase. The construction site of the plant and infrastructure are under preparation currently. An order was made for the manufacture of technological equipment. In the current year it is projected to utilize US$662 million of foreign investments.

The project “Organization of production of olefins from natural gas to produce plastics (polyethylene, polypropylene)” envisages establishment of production of polyethylene and polypropylene by obtaining olefins from natural gas. A Memorandum of joint implementation was signed with the company GS E&C in the framework of the state visit of the delegation of the Republic of Uzbekistan to the Republic of Korea in May 2015. Currently, the preliminary feasibility study of the project is being worked out.

(Source: UzDaily.com)

investments

Uzbekistan: Moving in the Right Direction

Uzbekistan Railways and France’s Alstom are planning to team up to establish manufacture of electric induction motors in Uzbekistan. The estimated project cost may exceed $3.5 million.

A Memorandum of Understanding on the establishment of induction motor manufacture in Uzbekistan was signed at the International Investment Forum in Tashkent. The project aims at modernization of the production capacity of Uzbek economy and creation of new jobs.

The parties have carried out profound market research into the needs in asynchronous motors in Uzbekistan and in neighboring countries. The enhancement of the country’s export capacity through export-oriented output is one of the terms of establishment of the joint production.

The new plant will produce engines for different types of rolling stock, including electric and diesel locomotives, as well as suburban and diesel trains. The project capacity is 200,000 engines per year. They will apply technology that is not yet represented in the CIS market, thus reducing the cost of service, simplifying production cycle, and increasing the energy efficiency of the rolling stock.

Alstom experts are ready to share their experience and latest technologies and solutions for the transportation industry. The French party views the project as the first step in the development of long-term partnership with Uzbekistan.

(Source: «Uzbekistan Today» newspaper)

FINANCE

“Uzpromstroybank”‘s portfolio of credit investments reaches 7.3 trillion soums

“Uzpromstroybank” Joint Stock Commercial Bank is one of the largest banks in the country. Through the branch network, which comprises 44 branches and 38 mini-banks located throughout the country, the bank offers a wide range of quality banking services.

As of March 1 this year the size of the total capital of the bank amounted to 885.5 billion soums (currency rates of CB RU from 07.04_.2016, 1$= 2882.68 soums), with the authorized capital totaling 698 billion soums. The volume of the bank’s assets reached almost 9 trillion soums which exceeds the figure of the same period last year by 17%.

Moreover, credit investments of the bank increased significantly. As of March 1 this year, the bank’s portfolio of credit investments reached 7.3 trillion soums. These funds were mainly directed to the real sector of the economy. The bank also provides effective financial support to small businesses and private entrepreneurship entities.

In the current year “Uzpromstroybank” allocated loans to business entities worth 147 billion soums. In particular, the amount of micro-credits granted by the bank amounted to 13 billion soums, 11.2 billion soums were directed for the development of female entrepreneurship, 18.5 billion soums – for the production of food consumer goods, while 44.2 billion soums – for non-food consumer goods, 16.7 billion soums – for services sphere. In addition, the bank allocated 1 billion soums for the development of family business and 1.5 billion soums of credit funds to graduates of professional colleges to establish entrepreneurial activity, said the head of Credit Operations Department of Tashkent city regional branch of “Uzpromstroybank” JSCB, Abdurasul Abdumajidov.

One of the companies that have received a loan in the Tashkent city branch of “Uzpromstroybank” is LLC “GEO STAR PLUS”. It operates in the textile industry and has been cooperating with the bank for 6 years.

– Our company has been working in cotton fabric production since 2010, in particular we produce yarn, satin, linen, gauze. In 2013, due to 500 mln. soums of loan a from “Uzpromstroybank” we were able to purchase additional equipment for the production of coarse calico and created 5 new jobs, – says deputy production director of “GEO STAR PLUS” LLC, Sanjar Askarov.

To date, the production capacity reached 680 thousand meters of fabric per year. In addition, the enterprise leadership plans the diversification of the production. With the financial support of “Uzpromstroybank” the company hopes to achieve all its targets.

(Source: UzReport.uz)

BUSINESS CLIMATE

Family business is an important factor in women’s employment

During the years of independence in our country adopted important documents aimed at improving the status and authority of women in society, ensuring their rights and interests, social protection. Due to this, woman not only strengthens her family and educates children, but also takes an active part in all spheres of social and economic life of the country.

This is evidenced by the fact that over the past ten years, the share of women managers of small businesses and private entrepreneurship increased 1.6 times, which means 40% of women are headed in these spheres.

Executive Committee of the Political Council of UzLiDeP organized “round table” on the theme «Family entrepreneurship is an important factor in the growth of employment, living standards and gross domestic product» at the World Trade Center on April 5, 2016.

It was noted that today in our country creates all conditions for women who want to engage in family business, for this purpose the banks provide soft loans.

From this point of view, it is enough to cite the following fact: just in 2015, women entrepreneurs were allocated 1 billion 255 billion soums (currency rates of CB RU from 07.04_.2016, 1$= 2882.68 soums).

Of course, such assistance and support is an important practical step towards creating the necessary conditions for the manifestation and realization of abilities and creative potential of women, ensuring their dignified participation in society.

For its part, UzLiDeP via its projects provide employment to thousands of women. In particular, in the period 2012-2015 within the party project 1248 women received 20 billion soums of soft loan. This year women received 11 billion soums of soft loan, as a result about 2 million new jobs were created.

Participants of the event, highlighted that these projects are implemented by UzLiDeP “Women’s wing” have a great influence on the life and work of women and contribute to the strengthening of the favorable business environment in our country.

Participants also expressed the need for greater involvement of women in these projects, assist them to receive soft loans from commercial banks for the formation of start-up capital or expansion of existing business.

During the event, women entrepreneurs shared their best practices with other participants.

(Source: UzDaily.com)

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