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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 3, 2019 No. PP-4265

About measures for further reforming and increase in investment appeal of the chemical industry

(as amended of the Resolution of the President of the Republic of Uzbekistan of 13.02.2021 No. PP-4992)

Measures for financial and economic improvement and stabilization of activities of the companies of the chemical industry, determination of the main directions of further development of industry by implementation of the investment projects directed to upgrade of the operating productions, creation of new capacities on deep conversion of hydrocarbonic raw materials and mineral resources, and also extension of the nomenclature of the made chemical products with high value added are in recent years taken.

At the same time, practical projects implementation, aimed at the accelerated development and diversification of the chemical industry, requires acceptance of effective measures on increase in investment appeal of industry, first of all, by reducing share of the state in the companies for the realization account of the state assets in private property, implementations of modern corporate management methods, international accounting standards and enhancement of management structure of the companies.

For the purpose of further development of the chemical industry, increase in investment appeal and expansion of amounts of attraction of direct foreign investments in diversification of industry:

1. Approve the Development program of the chemical industry optimized and added with new perspective projects of JSC Uzkimyosanoat together with the Ministry of Economy and Industry, the Ministry of investments and foreign trade of the Republic of Uzbekistan for 2019 - 2030 according to appendix No. 1, the providing implementation of 31 investment projects settlement cost 12, of 1 billion US dollars, including 1, 7 billion US dollars at the expense of the direct foreign investments and the credits directed on:

upgrade, expansion acting and creation of new energy efficient capacities on production of nitrogen, phosphoric, potash and complex mineral fertilizers, including based on JSC Navoiazot, JSC Samarkandkimyo, JSC Ferganaazot, JSC Kukon superfosfat zavodi, JSC Ammofos-Maksam, Dekhkanabadsky Potash Plant LLC, and also in the city of Yangiyere of the Syr Darya region and Tamdynsky district of the Navoiy region;

creation together with JSC Uzbekneftegaz of new productions on release of polymeric products, including polyethyleneterephthalate (PET), polyvinylchloride (PVC), synthetic rubber, polystyrene, polyurethane, polyol, the acrylonitrile-butadiene-styrene (ABS) of plastic, polyacrylonitrile (SIR), with participation of the leading foreign companies and application of advanced technologies and modern innovative developments;

increase in efficiency of use of the existing production capacities of the companies of industry with creation on their base of production clusters on release of the new types of chemical products, including melamine, methylamine demanded in industries of economy, formaldehyde, carbamide and formaldehyde and melamine - formaldehyde pitches, ethyl acetate, food salt, bicarbonate of sodium, chloracetic acid, nitrate of sodium, butylacetate, trinatriya of phosphate, nitrocellulose, reagents, catalysts and chemical additives for the metallurgical, oil and gas and textile industry, and also polymeric fitting, the biaxial oriented polypropylene film (BOPF), means of chemical protection of plants and active ingredients for their production.

2. Approve the Actions plan on step-by-step realization of reforms in chemical industry according to appendix No. 2, providing:

stimulation of attraction of direct investments in upgrade and expansion of the operating productions by realization of assets of the separate companies of industry to domestic and foreign investors;

enhancement of organizational structure of JSC Uzkimyosanoat and implementation of the modern corporate management methods directed to increase in independence and responsibility of governing bodies of society;

increase in efficiency of activities and further improvement of financial condition of the companies of chemical industry.

3. Agree with offers of JSC Uzkimyosanoat, Agency on management of the state assets, the Ministries of Economy and Industry, the Ministries of investments and foreign trade of the Republic of Uzbekistan about realization of shares of the state and JSC Uzkimyosanoat in the authorized capital of economic societies:

a) by carrying out direct negotiations with potential investors with condition of adoption of investment and social obligations by them:

60,35 of percent of the state shares and 39,65 of percent of shares of JSC Uzkimyosanoat in the authorized capital of JSC Samarkandkimyo on "zero" redemption value with condition of the organization of modern ecologically harmless production of chemical products;

51 percent of share of JSC Uzkimyosanoat in authorized capital of Kungradsky Soda Plant LLC on market value with investment attraction condition for expansion of production capacities of the company from 200 to 450 thousand tons per year and release of new types of products;

70,54 of percent of the state shares and 25 percent of shares of JSC Uzkimyosanoat in the authorized capital of JSC Kukon superfosfat zavodi - the Indorama companies (Singapore) on redemption value in the amount of 4, 3 million US dollars with adoption of investment and social obligations on increase in capacity of production of superphosphate up to 63 thousand tons in terms of 100 percent of useful substance and to release of new types of products;

b) ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 13.02.2021 No. PP-4992

c) at the public biddings on market value - 26,14 of percent of shares of JSC Uzkimyosanoat in the authorized capital of JV JSC Elektrokhimzavod;

d) on the basis of carrying out at initial stage of primary public offer (IPO) - to 25 percent of shares from the authorized capital of JSC Zhizzakh plastmassa;

e) by transformation:

Birinchi rezinotekhnika zavodi LLC in joint-stock company and implementation of in addition issued shares at the rate to 51 percent from the authorized capital of society on market value at the public biddings, having provided possibility of their realization by means of carrying out direct negotiations in the presence of potential investors with the direction of proceeds on implementation of investment projects of society, and also repayment of the attracted loans.

4. Determine that:

the means which arrived from realization of the state share in the authorized capital of JSC Kukon superfosfat zavodi and JSC Ferganaazot according to the procedure of exception, go completely to Fund of development and support of the organizations of the chemical industry as contribution of the state to the authorized capital of JSC Uzkimyosanoat with target use of these funds for implementation of the investment projects specified in appendix No. 1 to this resolution;

the entry of JSC Uzkimyosanoat in ownership of 50 and more percent of shares of the legal entities belonging to the organizations entering into its structure owing to reorganization of the last is not considered as again acquired block of shares;

cost transferred from the organization to the organization according to this resolution of property, property rights, including shares, shares and assets by reorganization of the companies of industry and the income from sale of the state assets, including in the authorized capital of JSC Uzkimyosanoat, does not join in taxable basis in case of calculation of the income tax of legal entities, single tax payment, the tax on the income in type of dividends paid at source of payments;

the funds raised from implementation of shares of the Dekhkanabadsky potash plant to potential investors by means of carrying out direct negotiations or by release of additional shares including with assignment on them investment obligations, go for repayment of the credits of society before Fund of reconstruction and development of the Republic of Uzbekistan;

the order the shares in the authorized capital of economic societies transferred to the authorized capital of bodies of economic board is performed by decisions of their governing bodies.

5. To the Cabinet of Ministers of the Republic of Uzbekistan in three-months time to make the government decision on implementation of market mechanisms of pricing on mineral fertilizers taking into account non-admission of risks of their acute fluctuations and influence on the cost of cotton raw and grain, and also to ensuring access to the exchange biddings of all participants (buyers) for acquisition of mineral fertilizers on equal terms.

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