The project is aimed at establishing stable production of nitric acid for production of ammonium nitrate at the enterprise and supply of acid to export. The project cost is US$4 million.

It is expected that tender results will be announced in December 2010. The project will be realized within a year. Spain’s MAXAM Corp. finance the project due to own investments.

Maxam-Chirchiq OJSC, former Elektrohimprom, was commissioned in 1940 and specializes on production of ammonia, ammonium nitrate, and carbamide. MaxamCorp S.A.U. purchased 49% stake at Elektrohimprom for US$22 million in 2007. The company undertook obligation to invest US$55 million in next five years. The charter capital of the company is 24.996 billion soums.

Maxam-Chirchiq is a leading chemical enterprise in Uzbekistan, which produces 30 types of goods. The company realizes its products in internal market and exports to the countries of the CIS, European Union, USA, Latin America, and Australia.