Russia’s Perm Chemical Company is bidding for part of the Uzbek government’s 100% stake in the country’s largest fertilizer producer Navoiyazot, according to a statement posted on the Web site of Uzbekistan’s state property committee Tuesday.

The starting price for the 49% stake is US$60 million, Prime-Tass reported.

In addition to the Russian company, British Virgin Islands-registered Eurasian Chemical Group and Pakistan’s Pak Arab Fertilizers have also bid for the stake in Navoiyazot. The results of the tender for the stake in Navoiyazot will be determined before the end of this year.

The tender was announced in April. Initially the government was to determine the results before the end of July, but has since then extended the deadline three times.

The winner of the tender will be the company that offers the highest price for the stake and assumes an obligation to invest at least US$42 million in Navoiyazot.

In 2004 and 2005, the Uzbek government failed to sell part of its stake in Navoiyazot.