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AKIPRESS.COM - The Ministry of Economy of Uzbekistan announced on July 23 that the Uzbek-South Korean joint venture – Uz-Shindong Silicon – had opened a new silicon plant in the special industrial zone of Angren.
However, the plant's main building is still being constructed and equipment is still being installed, according to construction workers engaged in the project. The expected opening date is in September, UzNews reported.
Initially the plant was expected to be ready for production in the spring of 2013, the date was then shifted to August 2013, then to December 2013. President of the Shindong Enercom Inc. Kim Yun Seek announced the intention to launch the plant in March 2014 during the Uzbek-Korean business forum in February. However, the process hadn't been started back than.
The $10 million financing for this project was made possible by direct investment in the newly created joint venture by four partners: the State Geology Committee of Uzbekistan, South Korean Shindong Enercom Inc., the publicly traded Uzmetkombinat and Solartech (Shindong’s subsidiary).
In particular, Shindong Enercom allocated $1.7 million, Solartech – $1.8 million in equipment and other production-related assets, and Uzmetkombinat – $1.2 million, while additional $3.8 million were taken out as loans to be paid back in five years with an interest rate of eight percent.
Meanwhile, plant construction workers say that some work, including welding and finishes to the buildings, was done poorly, and some of the work had to be redone. The construction contractor has been changed several times during the construction process.