Jizzakh Petroleum, a joint venture between Uzbekneftegaz and Gazprom International subsidiary Gas Project Development Central Asia, has announced plans to build a new state-of-the-art gas chemical complex in Uzbekistan based on MTO technology.

The move comes following the May 2019 announcement regarding the launch of the project in the Bukhara region of Uzbekistan, where it will operate using domestic feedstock.

This will allow natural gas monetization via the production of export oriented and high value-added products. Successful completion of the project will further diversify Uzbekistan’s economy, develop its domestic textile, chemical and parapharmaceutical industries, and reduce import levels into Uzbekistan, said the statement from Jizzakh Petroleum.

The plant’s location was determined by the presence of competitive feedstock and energy supplies, suitable infrastructure, and proximity to key markets across Europe and Asia, consolidating the role of Uzbekistan as the energy leader in the region.

Jizzakh Petroleum JV General Director Shokir Fayzullayev said: "Even in these current difficult times we are happy to report progress in this unique and ambitious project. We are keen to play a key role in enabling a new carbon economy for Uzbekistan and the region as a whole by supporting innovative projects and solutions on the way to a cleaner and safer future."

"We aspire to create a world-class chemical company making great products for society, and this project is fully aligned with our vision. Our approach is not limited to our immediate operations, but we take the entire supply chain and the interests of all stakeholders into account," stated Fayzullayev.

When completed, the new 500,000 tonne olefins plant is expected to process 1.5bcm of natural gas per annum and manufacture high-quality polymers used in many sectors of the worldwide economy.

"We look forward to working closely with all our partners and consultants to implement this visionary state-of-the-art complex that will contribute to our economy and to the people of Uzbekistan and Central Asia at large," he added.-TradeArabia News Service