NEWS AND EVENTS
January 19, 2007
Uzbek Chemical Industry signs Agreement with Mitsubishi Corporation
O`zkimyosanoat state-joint stock company (Uzbek Chemical Industry) and Japanese Mitsubishi Corporation signed an agreement on joint development of the project of reduction of nitrous oxide (N2?). The agreement envisages further sale of the volumes of reduced emissions in the countries that have signed the Kyoto Protocol, Novosti Uzbekistana weekly reported.
In December 2006, President of Uzbekistan signed a resolution on timely implementation of the O`zkimyosanoat project in the framework of the Clean Development Mechanism of the Kyoto Protocol.
The resolution grants an extension until 31 December 2008 of tax payments for imported materials, equipment and spare parts, as well as project and technical documentation required for the project implementation.
Mitsubishi Corporation has been freed from payment of tax for income received during the project implementation.