Prista buys stake in Chevron's Uzbek operation
Prista is set to increase its lubes and motor oil capacity after taking a controlling share of 'UzTexaco'.
The deal, for an undisclosed sum, will see Prista take Texaco Overseas Holdings' 50.1% stake in UzTexaco - a joint venture between the Chevron subsidiary and Uzbeknefteprodukt, a subsidiary of state-owned Uzbekneftegaz.
The sale was approved by the Uzbek authorities and gives Prista access to the production and distribution operations for synthetic motor lubes produced from locally sourced base oil refined at the nearby Ferghana plant.
The name of the new venture will, perhaps unsurprisingly, change from UzTexaco to UzPrista.
Published 2nd December, 2011
