The loan terms were agreed and the funds can be issued in November or December, the source in Navoiazot said. He added that the loan will be used to finance contact on construction of technical part of the complex. The contract underwent expertise of the Uzbek side and its financing was speeded up.

CAMC Engineering Co Ltd (China) signed an agreement with Uzkimyosanoat to construct chemical complex on PVC production on the base of Navoiazot worth US$439.8 million.

In line with the contract, the Chinese company will construct the chemical complex on turnkey bases with the capacity of 100,000 tonnes of PVC, 75,000 tonnes of caustic soda and 300,000 tonnes of methanol a year. The project will be implemented within 36 months.

The project with the cost of US$501.1 million will be also financed due to resources of the Uzbek side along with the loan of Eximbank of China.

Uzbekimyosanoat was attempting to implement the project in last five years. It attracted Russia’s Kaustik, South Korea’s ISU Corp. and Mubadala Development of the UAE to its implementation.

Navoiazot is a largest chemical enterprise in Uzbekistan. It was commissioned in 1964 and produces nitric fertilizers, nitronic fibers and other chemical products.