American-Uzbekistan Chamber of Commerce
Week in Review:
January 9, 2015 - January 16, 2015
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Dear AUCC Members and Friends:


Happy Holidays and best wishes for a prosperous New Year! 


We would like to express our gratitude to all AUCC members who, through all these years, have proven to be Uzbekistan's true allies and have been nothing but dedicated, reliable, honest and most conscientious business partners inspired to expand the bilateral relationship, business climate and promote development to enhance the lives of the people of Uzbekistan and the US.  


Our companies recognize that despite the global economic slowdown, Uzbekistan has managed to secure successfully greater macroeconomic stability and growth.  We applaud the Government of Uzbekistan for their continuous process to improve the operating business environment that US companies benefit from and fiscal discipline that has enhanced economic growth.  We greatly appreciate our own US Government for their continuous dialogue with their Uzbek counterparts on how to use trade and investment engagement as a pillar of the bilateral relations.


We stand ready to use our business acumen to facilitate the Uzbek and US Governments' efforts to attract more American companies and helping those who are already here generate even more success stories for the world to hear. We hope for the US and Uzbek Governments' support in helping us multiply our achievements and generate more projects and contracts that will make our nations achieve greater prosperity, stability and higher rates of development. 


Happy Holidays!  May 2015 bring greater prosperity to the American and Uzbek people. 




Carolyn Lamm, AUCC Chairperson

Timothy McGraw, AUCC President


If your company is interested in joining AUCC, please contact our office at 202-509-3744 or  We invite you to be part of our organization and participate in our activities and events.   


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In This Issue:
The largest project in CIS
President: Uzbekistan's GDP grew by 8.1% in 2014
WB changes GDP growth forecast for Uzbekistan
Lukoil CEO sees chance of oil as low as $25 on wild swing

Established in 1993, the American-Uzbekistan Chamber of Commerce (AUCC) is a private, non-profit trade association representing interests of U.S. businesses ranging in size from small private enterprises to large, multinational corporations conducting business in Uzbekistan.

Our Mission: To advocate the views of the business community to ensure that private sector positions are considered during the development of key policies that impact American businesses and the future of U.S.-Uzbekistan relations.

Our Objective: To serve the needs of its members by strengthening commercial relations between the United States and Uzbekistan.


January 16, 2015


The total cost of Ustyurt Gas Chemical Complex (UGCC) is $ 3.9 billion. Its construction is being carried out in the framework of an large-scale program on modernization the oil and gas industry of Uzbekistan, reports the press center of the National Holding Company (NHC) "Uzbekneftegaz".

This project is the first by its scale in the petrochemical sector, implemented on the basis of a long-term project financing not only in Uzbekistan, but throughout the CIS. Its implementation will ensure in 2016 the annual production of 4.5 billion cubic meters of natural gas, 387 thousand tons of high density polyethylene, 83 thousand tons of polypropylene, about 100 thousand tons of pyrolysis gasoline with the establishment of over a thousand new jobs directly in the complex.

The construction work initiated in 2012 is being carried out with an accelerated pace today. It has being erected modern infrastructure and installed high-tech equipments.

The sources of its funding are direct investments of founders from the joint ventures - South Korean companies «KOGAS», «Lotte», «STX Energy» and "Uzbekneftegaz" in the amount of $ 1.4 billion, and loans totaling more than $ 2.5 billion attracted on the principles of project financing and maturity of 16 years.

The project is also supported by the Asian Development Bank, Korea Development Bank, Korea Finance Corporation (South Korea), China Development Bank (China), ING (Netherlands), KfW, Bayern LB, Siemens Bank (Germany), Credit Suisse (Switzerland), Nordea, SEC (Sweden), as well as export credit agencies of South Korea, Germany and Sweden, who provided the insurance coverage for the participating banks.



January 16, 2015 


Gross domestic product (GDP) of Uzbekistan grew by 8.1% in 2014, the President of Uzbekistan Islam Karimov stated at the session of the Cabinet of Ministers on 16 January 2015.

He said that the volume of industrial production increased by 8.3%, agriculture production - 6.9%, construction works - 10.9% and retail trade turnover - 14.3%.

The volume of investments into economy rose by 10.9% in the reporting period. Over 73% of investments were directed to construction of production capacities, Uzbek leader said. At the same time, over 40% of investments were used to purchase equipment.

Uzbek head said that gold and currency reserves of Uzbekistan increased by US$1.6 billion in 2014.



January 14, 2015 


Economy of Uzbekistan will grow by 7.4% in 2015, newly published report of the World Bank Global Economic Prospects (GEP) said.

Earlier, in June 2014, the experts of the World Bank forecasted that the growth of gross domestic product (GDP) of Uzbekistan will increase by 6.7% in 2015.

World Bank also improved its forecast on growth of GDP of Uzbekistan in 2016. Earlier, the World Bank forecasted that Uzbekistan's economy will post 6.7% growth in 2016, now the forecast is 8.2%. According to the report, GDP of Uzbekistan will grow by 8.1%.

In line with the estimates of the World Bank, the GDP of Uzbekistan grew by 7.9% in 2014. In June 2014, the bank forecasted that economy will increase 7% in 2014.

Current account balance in 2014 made up 1.7% to GDP (June forecast - 2.1% to GDP), the report of the World Bank said. The figure will make up 1.5% in 2015 (June forecast - 1.8%) and 1.7% in 2016, as well as 1.3% in 2017, the report noted.



January 16, 2015 


Crude prices may fall by half to as low as $25 a barrel given violent movements in the market, according to the head of Russia's second-largest oil company.

"Yesterday prices swung 10 percent, that's never happened," OAO Lukoil Chief Executive Officer Vagit Alekperov said today in Moscow. "The price may go as low as $25."

Oil is down by more than 50 percent in the past six months, dragging the economy in Russia, which gets about half its budget income from oil and gas, to the brink of a recession. The nation faces a 3 percent shrinking in its economy and 2 trillion ruble ($31 billion) fiscal gap this year if oil prices trade at about $60 a barrel, Economy Minister Alexei Ulyukayev said this week.

Brent crude, a global benchmark, was below $50 today. The price oscillated by as much as 7.7 percent yesterday.

Lukoil won't change the production plans at its West Qurna-2 project in Iraq, Alekperov said. It plans to sign a deal next month for development of the Kandym gas field in Uzbekistan, he said. In late 2014, Lukoil Vice President Leonid Fedun said Chinese companies were interested in joining the project.

The International Energy Agency expects slower output by oil nations that aren't in the Organization of Petroleum Exporting Countries this year, leading to a price rebound. It cut the estimate of growth in non-OPEC supply by 350,000 barrels a day to 57.5 million, in its latest monthly market report. OPEC separately reduced its estimate of the amount of crude it needs to supply in 2015 by 100,000 barrels a day to 28.8 million.


The American-Uzbekistan
Chamber of Commerce
1300 I Street, N.W.,
Suite 720W
Washington, DC 20005
phone: 202.509.3744