Prista buys vuits
TASHKENT. Nov 22 (Interfax) - Prista Oil Holding EAD (Bulgaria) has acquired Texaco Overseas Holding Inc.'s 50.1% stake in the Uzbek-U.S. joint venture Uz-Texaco LLC, which produces motor oils and lubricants.
The government of Uzbekistan has given its okay to the deal with a special resolution, a source in government circles told Interfax. The JV will be renamed Uz-Prista. The deal price tag has not been announced.
The resolution also confirms that Uz-Prista will carry out the project 'Production and Sale of High-quality Synthetic and Semisynthetic Oils and Antifreezes' in the period 2011-2012. National holding company Uzbekneftegaz, a co-owner in the JV via subsidiary Uznefteprodukt, will be supplying Uz-Prista with base oils from Fergana Oil Refinery - 3,000 tonnes per month, including 2,000 tonnes for freely convertible currency from export shipments.
The Uzbek government has relieved the JV of having to pay customs duties on imported technological and laboratory equipment, associated materials, and parts until the first of 2015.
This past October, Uz-Texaco put into operation facilities for the production of synthetic motor oils under license by Prista Oil. Prista Ultra 5W40 oil has already been produced, and the plan is to turn out 450,000 liters by year-end.
Uz-Texaco was set up in 1997 by Uznefteprodukt and Texaco (part of Chevron since 2011) to make motor oils and lubricants. Uzbekistan has a 49.9% stake and the United States 50.1%. The enterprise was set up at the Fergana oil refinery. It now makes 30 or so different mineral motor, hydraulic, transmission, and other oils. Product is supplied both at home and exported to countries in Central Asia. The JV plans to produce upwards of 5 million liters of synthetic, semisynthetic, and mineral motor oils next year.