IFC to act as strategic consultant for Uzbekistan in privatisation of chemicals producer Navoiazot

The World Bank Group’s International Finance Corporation (IFC) is to act as a strategic consultant on the pre-privatisation preparation of Uzbekistan’s chemicals and fertiliser producer Navoiazot.

An agreement on the role was signed on April 28 on the sidelines of the Tashkent International Investment Forum by the IFC and Uzbekistan’s State Assets Management Agency (SAMA).

The IFC is expected to conduct a comprehensive analysis of the asset and assess the interest potential investors have in the company and its assets, ahead of drawing up a privatisation strategy.

Navoiazot produces fertilisers, reagents for gold miners and low-tonnage chemical products, while also processing gas.

The company produces more than 30% of Uzbekistan's chemical products.

In 2021, Navoiazot exported products worth UZS 6.9bn ($600mn), mainly to regional countries and Europe. The company's net annual income amounted to UZS 3.1 trillion, with profit recorded at UZS 6.2bn.

Last year, the company became one of the top 10 taxpayers of Uzbekistan.