News/Prista Oil Holding EAD acquires shar ...
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Lubricants
Nov 15, 2011
Prista Oil Holding EAD acquires shares of Texaco Overseas in Uz-Texaco JV LLC
President of Uzbekistan Islam Karimov signed a resolution of the Cabinet of Ministers “On measures on organization of joint capacities on production of high-quality technical motor oils” on 15 November 2011, which approved the deal.
According to the resolution, the joint venture Uz-Texaco LLC will be renamed into Uz-Prista.
The document also approved a project “Production and realization of high-quality mineral, synthetic and semi-synthetic oils, as well as antifreezes”, which will be implemented by Uz-Prista JV LLC in 2011-2013.
In line with the document, Uzbekneftegaz will supply base oils, produced at Ferghana Oil Processing Plant, to Uz-Prista JV LLC at the volume of 3,000 tonnes a month in 2012-2013, of which 2,000 tonnes will be sold in hard currency.
President of Uzbekistan Islam Karimov entrusted UzStandard Agency to carry out certification of products, manufactured at Uz-Prista JV LLC, in line with rules of national certification system.
Uzbek President Islam Karimov exempted Uz-Prista JV LLC from payment of customs payments (excluding custom registration fee) for imported technologic and laboratory equipment, components and spare parts, as well as construction materials, which are used for production process, till 1 January 2015.
As reported earlier, Uz-Texaco and Prista Oil launched capacities on production of synthetic motor oils in Uzbekistan in October 2011. Motor oils are produced under the trademark of Prista. Uz-Texaco received license for production of full assortment of synthetic motor oils and high quality lubricants from Prista Oil Group in the mid of 2011.
Mr. Plamen Bobokov, Mangement Board Chairman of PO made the following statement: “I am proud that Prista Oil was the one who pioneered the manufacturing of synthetic lubricants in Uzbekistan. This is the next step in achieving our target for establishing Prista brand name outside the boundaries of Europe in compliance with the vision of the shareholders and the strategy for the expansion of the company in the direction of Central Asia and the Middle East. Our set forecast for 2012 is for the Joint-venture to manufacture 49 million litres of lubricants, generating revenue of 60 million U.S. dollars, out of which 4 million litres will be synthetic and semi-synthetic lubricants. The set marketing strategy provides for more than 50% of the volume to be exported to Central Asia and Eastern Europe.