18 August 2019

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Tashkent +26,7 °C

22 Feb  2019 2176

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.

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