RESOLUTION
PRESIDENT OF THE REPUBLIC OF UZBEKISTAN # 242, DATED ON 27.07.2023
ON MEASURES FOR THE EFFICIENT USE OF EXISTING CAPACITIES AND ENSURING THE PRODUCTION OF PRODUCTS IN DEMAND ON THE DOMESTIC AND FOREIGN MARKETS IN THE JOINT STOCK COMPANY FARGONAAZOT
In order to further develop the chemical industry, modernize existing capacities for the production of chemical products and organize the production of new types of products with the attraction of foreign investment, as well as the introduction of modern methods of corporate management:
1. Take note that, based on the decision of the State Commission for Conducting Tender Auctions for the Sale of State Property following the results of the tender for the privatization of a 99.2 percent block of shares in the authorized capital of the Joint Stock Company " Fargonaazot " (hereinafter referred to as the Company) with the condition of acquiring a block of shares of the Company for 130 million US dollars and 107 billion soums and making investments, the winner of the auction was recognized as the company " Indorama" Corporation Pte Ltd.
2. The Ministry of Investments, Industry and Trade of the Republic of Uzbekistan shall sign, on behalf of the Government of the Republic of Uzbekistan, an investment agreement with the company “ Indorama Corporation Pte Ltd.
In this case, provide for:
Investment of 100 million US dollars over 5 years based on the results of the development of a feasibility study for the project to modernize the Company’s production facilities;
maintaining all existing social programs, including not reducing the number of employees and the amount of their wages, improving the qualifications of the Company's employees, and implementing the principles of environmental, social and corporate governance (ESG).
3. Establish that the Company independently sells products on the domestic and foreign markets directly or through exchange trading.
4. The Ministry of Energy, JSC UzGasTrade and JSC Uztransgaz , in accordance with the purchase and sale agreement on the privatization of the Company, based on the capabilities for the production and supply of natural gas, shall take measures to ensure the uninterrupted supply of natural gas to the Company for 10 years in the volumes necessary for the production of products.
5. To approve the proposal of the State Assets Management Agency and JSC Uzkimyosanoat on the gratuitous transfer to the State Assets Management Agency of shares (blocks of shares) owned by the Company in the authorized capital of business entities at book (residual) value, in accordance with Appendix No. 1 .
6. To make changes and additions to some decisions of the President of the Republic of Uzbekistan and the Government of the Republic of Uzbekistan, in accordance with Appendix No. 2.
personal responsibility for the effective organization of the implementation of this resolution to the Director of the Agency for State Assets Management A.Zh. Ortikov .
The implementation of coordination and control over the activities of the departments responsible for the implementation of this resolution shall be assigned to the Prime Minister of the Republic of Uzbekistan A.N. Aripov.
President of the Republic of Uzbekistan Sh. MIRZIYOYEV