06 September 2010 11:03 [Source: ICIS news]
MOSCOW (ICIS)--Maxam-Chirchik, a subsidiary of ?xml:namespace>
Maxam-Chirchik said it selected Russia-based project development company NIIK to manage the urea project, which will raise the urea capacity from the current 170,000 tonnes/year to 270,000 tonnes/year by December 2011.
The increase in capacity will cost an estimated $14m (€10.9m), Maxam-Chirchik added.
Maxam-Chirchik, which was formerly known as Elektrkimesanoat, is based in Chirchik, near
In 2007, Spain-based Maxam Corp acquired a 49% stake in Elektrkimesanoat for $22m. The deal also stipulated that Maxam would invest $55m in the plant’s development in 5 years.
Uzkimesanoat, which still retains a controlling stake in Maxam-Chirchik, has announced 30 projects worth about $300m to modernise its production facilites by 2011, including upgrades of ammonia and urea units at subsidiaries Maxam-Chirchik, Ammofos (Armalyk), Ferganaazot and Navoiazot.
In the first six months of 2010, Uzkimesanoat’s plants produced 557,000 tonnes of mineral fertilizers, up 0.7% year on year, according to the company.
($1 = €0.78)
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