TASHKENT, Uzbekistan (Feb. 11, 2015) — China's Poly Technologies Inc. and the government of Uzbekistan have agreed to cooperate on the construction of a rubber products plant in Uzbekistan, according to statements from the Chinese and Uzbehistan goverments.
The plant, to be built in the Angren Special Industrial Zone, would have capacities for car and agricultural tires and conveyor belting, the statements said.
The project is budgeted at $184 million, to be funded through loans from the Fund for Reconstruction and Development of Uzbekistan and foreign loans refinanced by the State Joint-Stock Commercial Bank Asaka.
Poly Technologies will be the turnkey construction partner; Uzbekistan's Uzkimyosanoat, a leading chemical firm in the country, will be involved as well.
The partners foresee annual capacities of 200,000 agriculture tires, 3 million car tires and 100,000 meters of conveyor belting. The construction is scheduled to be completed by year-end.
Uzbekistan President Islam Karimov signed a decree recently providing for construction of the plant in Angren, Tashkent.
Ownership of the plant will include Uzhimprom J.S.C., a chemicals producer; Uzavtoprom J.S.C., an auto assembly firm; and the Navoi and Almalyk mining and metallurgical complex.
Uzkimyosanoat J.S.C., an umbrella corporation for Uzbekistan's chemical industry, has been selected to consult on the project and reportedly has reached an agreement with General Motors Co. on using the tires manufactured in the plant — as original equipment — in GM's vehicles.