The Government of Uzbekistan adopted a resolution “On measures on speeding up realization of investment programme “Organization of production of low-density ammonium nitrate at Maxam-Chirchiq OJSC” on 16 April 2010.

The document said annual capacity of the plant will make up 60,000 tonnes, of which about 55,000 will be exported.

The project with the cost of US$15.4 million will be financed due to own resources of Maxam Corp. within its investment obligations, which it undertook at purchase of Maxam-Chirchiq assets. The document said the project payback term set at about six years.

The resolution said Chirchiqkimyoqurilish LLC was determined as general contractor on construction and assembly works. The duration of investment period is 8 months.

The document allowed Maxam-Chirchiq to carry out construction of the capacity together with parallel designing till 1 August 2010.

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.