Uzbek president holds meeting on improving oil, gas, chemical industries

Baku, Azerbaijan, February 22

By Fakhri Vakilov - Trend:

Uzbek President held a meeting in Tashkent on reforms in the oil, gas and chemical industries, Trend reports with reference to the press service of head of state.

"The Ministries of Energy and Finance have been instructed to determine the conditions for financing foreign loans of $2.3 billion under the project “Organization of the Production of Synthetic Liquid Fuel (GTL) Based on Purified Methane of the Shurtan Gas Chemical Complex”, and attract a $300 million loan from Gazprombank for the project “Expansion of production capacity of the Shurtan Gas Chemical Complex”," the presidential press service noted.

It was stated at the meeting that a number of projects, including the production of liquefied gas at the Mubarek gas processing plant and at enterprises Shurtanneftgaz and Gazlineftgaz, mining of oil and gas and the purchase of exploration equipment will be financed by Eurobonds issued by Uzbekistan.

"A total of 26 projects in the oil and gas industry totaling $27.8 billion were included in the Investment Program for the current year. The president noted the need for daily monitoring of these projects and ensuring their timely and high-quality implementation," the presidential press service underlined.

The head of state also pointed to the unsatisfactory level of work to attract foreign direct investment in regions with difficult conditions for geological exploration.

Moreover, the necessity to develop proposals for improving the Uzbekneftegaz system, revise tariffs based on market principles and transfer step by step oil depots and regional gas supply services, in particular, the Fergana Refinery, in trust of investors based on public-private partnership was stressed as well.

The meeting also analyzed the state in the chemical industry.

The head of state stressed that the leadership of Uzkimyosanoat, based on current issues, should not be limited to mineral fertilizers but should turn the industry into a multi-profile system. Promising areas for the production of high value-added products and expanding their product range should be determined alongside with the Ministry of Economy and Industry.

The task was also set to reach agreements with foreign partners on the Kokand superphosphate plant, the Kungrad soda plant, to find investors for the construction of ammonia and urea production plant in the city of Yangiyer. The need to develop the industry on the basis of forms of private property was noted in order to accelerate the modernization of chemical industry and improve product quality.

In total, it is planned to implement 33 projects totaling $8 billion, including 4 projects this year for the development of chemical industry and diversification of its production.

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