Prista and Uzbekneftegaz to form JV to recycle used oils

Bulgaria’s Prista Holding EAD and Uzbekneftegaz, the state-owned holding company of Uzbekistan’s oil and gas industry, will form a joint venture company called Uz-Prista Recycling to recycle used oil. The US$15 million enterprise will process 43,000 tons a year of used oil at OJSC Rezinotekhnika in the Tashkent Region. An order for the JV’s creation is now awaiting approval from the Uzbek Cabinet. The JV will likely be formed in the second half of this year. The project will be financed by both founders’ funds. It was earlier reported that Prista Oil Holding EAD had purchased a 50.1% stake in Uz-Texaco LLC from Texaco Overseas Holding Inc. Later, Uz-Texaco was remained Uz-Prista. The founder on the Uzbek side is Uznefteprodukt, which has a 49.9% stake. Uz-Texaco launched production of synthetic motor oils under license from Prista Oil in October 2011. The JV plans to implement a 5,000-ton-per-year plant to produce synthetic and semi-synthetic oils, as well as antifreeze. The project is estimated to cost US$1 million. (March 27, 2012)