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Issues of further developing the oil and gas and chemical industries are comprehensively discussed

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Issues of further developing the oil and gas and chemical industries are comprehensively discussed

On February 21, the President of the Republic of Uzbekistan Shavkat Mirziyoyev held a meeting on the analysis of effectiveness of ongoing reforms in the oil and gas and chemical industries, issues of systemic development of these industries.

Consistent activity is being implemented in the country on integrated development of the fuel and energy sector and diversification of energy sources. This is an important factor in ensuring the increasing demand for energy in the sectors of the economy and population.

The Investment Program for the current year includes 26 projects related to the industry with a total value of 27.8 billion USD. The President noted the need for daily monitoring these projects and ensuring their timely and qualitative implementation.

The Ministries of Energy and Finance were instructed to determine the conditions for financing foreign loans for 2.3 billion USD under the project “Organizing production of synthetic liquid fuel (GTL) based on purified methane of Shurtan Gas Chemical Complex”, to attract a 300 million USD loan from Gazprombank (Russia) on the project “Expansion of production capacities of Shurtan Gas Chemical Complex”.

The need was noted for financing funds for implementation of such projects as production of liquefied gas at Mubarek Gas Processing Plant, Shurtanneftgaz and Gazlineftgaz enterprises, extraction of oil and gas, purchase of geological exploration equipment at the expense of Eurobonds, issued by Uzbekistan.

Unsatisfactory level of activity on attracting foreign direct investment in regions with difficult conditions for exploration was indicated.

At the meeting, special attention was paid to the issue of reducing accounts receivable accumulated in the industry.

During the analysis of the export potential of the industry, the need was noted for increasing the volume of exports at the expense of deep processing of hydrocarbons, not being limited with only gas.

The leadership of Uzbekneftegaz and Uzkimyosanoat was tasked to prepare a concept for production of products with high added value – polymers, polystyrene, PET, synthetic rubbers and present it to foreign investors at the forthcoming International Oil and Gas Conference, in Tashkent in May 2019.

The need for developing proposals on improving JSC Uzbekneftegaz system, revising tariffs on the basis of market principles, gradually transferring oil depots and regional gas supply services, particularly, Fergana Oil Refinery Plant to the trust management of investors on the basis of public-private partnership was discussed.

Issues of further developing the oil and gas and chemical industries are comprehensively discussed

The state of affairs in chemical industry, which is inextricably linked with oil and gas sector was also discussed at the meeting.

It is planned to implement 33 projects worth 8 billion USD, including 4 projects in 2019 for development of chemical industry and diversification of products.

President Shavkat Mirziyoyev noted high profitability of chemical industry, gave instructions on attracting direct investment to promising projects designed for 2019-2025.

Particularly, the task was set to reach agreements with foreign partners on Kokand Superphosphate Plant, Kungrad Soda Plant, as well as to find investors for construction of a plant for production of ammonia and urea in the city of Yangiyer. The need for developing industry based on private ownership in order to accelerate modernization of chemical industry enterprises and improving product quality was noted.

Uzkimyosanoat leadership, based on current issues, should not be limited with only mineral fertilizers, but turn the industry into a multidisciplinary system. It is necessary to determine promising areas of manufacturing products with high added value and expansion of its range together with the Ministry of Economy and Industry, – said the Head of the state.

Responsible persons’ information on the discussed issues was heard at the meeting.

UzA