Tashkent, Uzbekistan, May 14
By Demir Azizov- Trend:
The National Holding Company Uzbekneftegaz plans to direct $18.7 billion for the development of oil and gas industry of Uzbekistan in 2015-2019, Chairman of the Uzbekneftegaz Board Shokir Faizullaev said May 13 at the international conference "Oil and Gas of Uzbekistan."
He said that it is planned to implement 54 investment projects, including 39 projects with well developed financing schemes with a total value of $7.1 billion during the next five years in the oil and gas industry of the country.
It was previously reported that the largest projects planned to be implemented in this period are the construction of the fourth branch of the gas pipeline to China with a design capacity of 20 billion cubic meters of gas per year and worth $800 million, the new plant of pyrolysis of hydrocarbons within the framework of the Uz-Kor Gas Chemical joint venture worth $300 million and with production capacity of 30,000 metric tons of benzene, 20,000 metric tons of toluene and 5,000 metric tons of xylene.
In addition, the Uz-Kor Gas Chemical JV, founded by Uzbekneftegaz and the Korean consortium as part of KOGAS, Honam Petrochemical and STX Energy, is currently engaged in the construction of Ustyurt Gas Chemical Complex worth $3.9 billion.
The complex will annually process 4.5 billion cubic meters of natural gas and produce up to 4 billion cubic meters of marketable gas, 387,000 metric tons of polyethylene, 83,000 metric tons polypropylene and 102,000 metric tons of pyrolysis gasoline.
The project on olefin production from natural gas by getting polymers worth $2.9 billion is being worked over in Uzbekistan.
"The new facilities producing 8.55 billion cubic meters of gas, 71,700 metric tons of oil, 161,000 metric tons of gas condensate, as well as liquefied gas, polymers and other products of natural gas deep processing will be established as a result of the program implementation," Fayzullayev said.
He has not disclosed the data on the hydrocarbon production volumes in Uzbekistan as of 2014.
"Uzbekneftegaz" NHC is the monopoly operator of the oil and gas sector of Uzbekistan. It was established in 1998 and comprises six joint stock companies.
Uzbekistan production holds the third place among the CIS countries for natural gas and is among the ten largest gas-producing countries in the world. Every year the country produces about 60 billion cubic meters of gas. Some volumes are exported to China and Russia.
Recoverable proven hydrocarbon reserve of Uzbekistan exceeded 2.5 billion metric tons of oil equivalent as of early 2015 and around 65 percent of this volume accounted for gas reserves.
Edited by CN