BAKU, Azerbaijan, June 21. Uzbek Sanoat Energetika Guruhi LLC (SEG) plans to increase Fergana Oil Refinery LLC’s capacity in the next two years,Trend reports via Ministry of Energy of Uzbekistan.
“We intend to modernize the Fergana Oil Refinery and double its capacity to two million tons of chemical products annually. By September 2023, the plant will produce Euro-5 gasoline and various modern types of oils and other refined products,” Chief Executive Officer of SEG, Shokir Fayzullaev said.
“Over the last twenty years, the need to modernize and invest in Fergana has been ignored, the last modernization took place over 30 years ago. Now, as part of the SEG portfolio of companies, we have contracted best-in-class international companies Afton Chemical, Lubrizol (US), Infineum (England), and Evonik (Germany), amongst others, for a full technical re-equipping of the plant,”he added.
SEG has acquired the formerly state-owned Fergana Oil Refinery LLC. The acquisition follows a competitive tender process as part of Uzbekistan’s state asset privatization program.The addition of Fergana complements SEG’s evolution into a vertically integrated oil & gas company, covering upstream and downstream production, from exploration to full cycle processing of high-quality end products.
Future development of the Fergana Oil Refinery should turn it into a petrochemical complex.
SEG’s priority goal is to support Uzbekistan’s growing economy, and to increase oil production to 1.6 million tons by 2030. SEG’s new petrochemical capacity to deep process hydrocarbons will also contribute to Uzbekistan’s industrial development goals.
Another business objective is the export of refined chemical products to the international market. SEG has built a strong customer network interested in Fergana’s advanced chemicals, including the wider CIS region, Europe and the Middle East.
SEG was established in 2017 with the aim of expanding the country's production capacities for the deep processing of hydrocarbon raw materials and the production of high-quality petroleum products, as well as increasing the export potential of Uzbekistan's oil and gas industry.