BAKU, Azerbaijan, May 23. The Sanoat Energetika Guruhi oil and gas company acquired a 100 percent stake in the Uzbek Fergana oil refinery for $100 million, Trend reports via the State Assets Management Agency of Uzbekistan.
The company plans to modernize the Fergana oil refinery for $380 million and increase its production capacity.
The privatization was advised by KPMG Valuation and Consulting.
The Fergana Oil Refinery was one of the largest refineries in Uzbekistan with an initial production capacity of 6.5 million tons, whose history dates back to 1959.