Uzkimyosanoat buys 16.92% stake in Samarkandkimyo for $30 million

The investment is linked to a broader $390.5 million project aimed at producing complex mineral fertilizers in the Pastdargom district of Samarkand region.

On March 13, a government commission led by Deputy Prime Minister Jamshid Khodjaev visited the project site to review its progress. The visit was also attended by Deputy Prosecutor General Dilmurod Kasymov.

The project is being implemented on 190.4 hectares and is designed to produce 910,000 tons of fertilizers annually, including 370,000 tons of phosphate fertilizers and 540,000 tons of compound fertilizers. The facility is expected to generate export revenues of about $50 million per year and create 900 jobs.

Officials also discussed organizational matters related to the implementation of the project during the visit.

According to project data as of October 2025, capital expenditures for the construction of the fertilizer production complex exceed $487 million.

The project also includes the development and processing of phosphorite ore in Navoi Region under the Neofos initiative.

The financing structure is distributed as follows:

• $277 million – loan financing
• $120 million – equity funds
• $90 million – investment from Uzkimyosanoat

So far, $427 million has already been invested in the project.

In August 2025, Uzkimyosanoat contributed $30 million, acquiring a 16.92% share in Samarkandkimyo.

The project’s feasibility study has been submitted to the Center for Comprehensive Expertise of Projects and Import Contracts, where comments and technical feedback are currently being addressed. Once this stage is completed, the project is expected to gain access to an additional $60 million in financing from Uzkimyosanoat.

As of the latest update, project design is 98.6% complete, equipment deliveries have reached 80.6%, and construction progress stands at 34.6%. Most of the main equipment has already been delivered, and installation work is ongoing.

In December 2025, it became known that the state had regained part of the control over the Samarkandkimyo chemical plant, which had been transferred in 2020 to the then Cyprus-based company Ferkensco Management Limited.

At that time, Uzkimyosanoat obtained a 24.94% stake in the plant.

According to corporate registry data, the main shareholder of the joint venture remains Ferkensco Management Limited, which is registered in the Hong Kong Special Administrative Region and holds 75.06% of the enterprise.

In January, the government instructed a working group to prepare proposals for attracting new investors to complete strategic projects linked to Enter Engineering Pte. Ltd., Eriell Group, and Sanoat Energetika Guruhi.

One of these projects is the Neofos initiative based at Samarkandkimyo.

Earlier, President Shavkat Mirziyoyev criticized what he described as an “unacceptable delay” in launching mineral fertilizer production at the plant and instructed officials and investors to accelerate the completion of the project.