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    Uzbekistan

    Uzbekistan's Maxam-Chirchiq faces regulatory scrutiny over fertilizer price hikes

    Uzbekistan's Maxam-Chirchiq faces regulatory scrutiny over fertilizer price hikes

    The Committee for Development of Competition and Protection of Consumer Rights has launched a case against Maxam-Chirchiq, alleging violations of regulatory guidelines in determining prices for mineral fertilizers. It has been discovered that prices for these essential agricultural products have spiked by an average of 10% to 15%.

    Photo: Maxam-Chirchiq, a key player in Uzbekistan's fertilizer industry
    Source: Maxam-Chirchiq

     

    Maxam-Chirchiq is accused of breaching competition laws, potentially adversely impacting agricultural enterprises, including clusters, farmers, and peasants. Such price escalations could lead to increased production costs for agricultural goods.

    Maxam-Chirchiq originated from one of Uzbekistan's first nitrogen plants and has been a major producer of mineral fertilizers and chemicals for over 80 years. The company manufactures over 40 products used in industries like electronics, metallurgy, and agriculture, including urea, ammonium nitrate, and various chemical solutions. 

    It operates Uzbekistan's only catalyst plant and adheres to international standards such as ISO 9001, ISO 14001, ISO 50001, and ISO 45001 for quality, environmental management, energy management, and occupational health and safety. Certified by "CERT INTERNATIONAL," it maintains strong market presence domestically and internationally.

    The ongoing investigation will follow standard procedural protocols, with further details anticipated following the conclusion of the inquiry and subsequent decision-making phase.

    This development follows recent regulatory actions taken against Navoiyazot, which faced measures for purportedly inflating prices and accruing significant profits through such practices. 

    According to the Competition Committee's findings, Navoiyazot restricted the availability of its fertilizer production for sale. Additionally, the company allegedly manipulated prices for polyvinyl chloride and formaldehyde, commodities mandated for exclusive exchange sales. Between 2021 and 2023, Navoiyazot reportedly auctioned only 57,200 tons of these products, resulting in an unjustified profit of UZS 20.5bn ($1.6mn) during this period.

    Earlier, the Committee also scrutinized Lukoil for suspected price manipulation concerning technical sulfur products. The investigation highlighted discrepancies in handling and stock volume management by Lukoil Overseas Supply and Trading, resulting in substantial price increases.

     

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    08.07.2024, 12:00   Comments (0)   1519
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