Uzbekkhimmash will direct over $23 million to implement a modernization project with construction of a new foundry, the company’s management said.

The Uzbek government has recently approved main parameters of a feasibility study on this investment project.

Annual capacity of the new foundry will be 4,000 tons of casting and around 500 tons of this will be exported.

Uzsanoatqurilishbank will provide $20 million loan for the implementation of the project and the rest of the costs ($3.77 million) will be covered by the company’s own funds.

It is worth noting that Uzbekkhimmash is a leading enterprise in Central Asia producing pressure vessels and devices for chemical, petrochemical, gas processing and other industries.