OREANDA-NEWS. November 24, 2011. Prista Oil Holding EAD (Bulgaria) will acquire 50.1% stake of Texaco Overseas Holdings Inc. (USA) in joint venture Uz-Texaco LLC.

President of Uzbekistan Islam Karimov signed a resolution of the Cabinet of Ministers “On measures on organization of joint capacities on production of high-quality technical motor oils” on 15 November 2011, which approved the deal. The deal sum is not disclosed.

According to the resolution, the joint venture Uz-Texaco LLC will be renamed into Uz-Prista.

The document also approved a project “Production and realization of high-quality mineral, synthetic and semi-synthetic oils, as well as antifreezes”, which will be implemented by Uz-Prista JV LLC in 2011-2012.

In line with the document, Uzbekneftegaz will supply base oils, produced at Ferghana Oil Processing Plant, to Uz-Prista JV LLC at the volume of 3,000 tonnes a month in 2012-2013, of which 2,000 tonnes will be sold in hard currency.

President of Uzbekistan Islam Karimov entrusted UzStandard Agency to carry out certification of products, manufactured at Uz-Prista JV LLC, in line with rules of national certification system.

Uzbek President Islam Karimov exempted Uz-Prista JV LLC from payment of customs payments (excluding custom registration fee) for imported technologic and laboratory equipment, components and spare parts, as well as construction materials, which are used for production process, till 1 January 2015.

As reported earlier, Uz-Texaco and Prista Oil launched capacities on production of synthetic motor oils in Uzbekistan in October 2011. Motor oils are produced under the trademark of Prista. Uz-Texaco received license for production of full assortment of synthetic motor oils and high quality lubricants from Prista Oil Group in the mid of 2011.

Uz-Texaco JV was founded in 1997 to provide market with local quality lubricants. The founders of the company are Uznefteprodukt JSC and Chevron (USA). The production capacities are located at Ferghana oil processing plant. The company produces lubricants in various packages.

Currently, Uz-Texaco produces about 30 types of certified motor, hydraulic, transmission and other oils. Consumers of the products are divisions of Uzbekneftegaz, Uzbekistan Havo Yollari, NGMK, Uzdiptransservis, SamAvto, Uzbekugol, UzCase, Toshshahartranshizmat.

About 70% of products of Uz-Tecaco are exported to Central Asian states and Kazakhstan, Eastern Europe and other countries. Each month, the export orders’ portfolio of the venture is increased by about 3,000 tonnes.