May 19, 2014
National Wealth: The oil and gas sector places importance on innovation projects. 2
Uzbekneftegaz works over US$3.6bn gas-chemical projects. 2
Press-service of MFA of the Republic of Uzbekistan
POLICY
Uzbek President to take part in 4th Summit of the Conference on Interaction and Confidence Building Measures in Asia
President of the Republic of Uzbekistan Islam Karimov is to take part in the Fourth Summit of the Conference on Interaction and Confidence Building Measures in Asia on May 20-21, 2014, in the city of Shanghai, People’s Republic of China.
(Source: Press Service of the President of the Republic of Uzbekistan)
economy
National Wealth: The oil and gas sector places importance on innovation projects
Central Asia’s largest hydrocarbon sector forum Oil and Gas of Uzbekistan, which combines a fair and a conference, ends in Tashkent today. Every May, hundreds of oil and gas experts, researchers, representatives of the world’s leading companies and corporations visit Uzbekistan to establish cooperation ties and discuss the industry’s trends and prospects.
This year’s fair, the 18th, has attracted more than 160 companies from twenty countries. Since 1997 the largest global players in the oil and gas industry have been visiting Tashkent to participate in the forum. Every May, the city becomes a kind of an oil and gas center where promising joint projects are considered, plans are mapped out, agreements concluded and topical issues discussed. Experts say the forum serves as a business platform the leaders of the sector find rather beneficial.
“Uzbekistan places great importance on innovation and modernization,” said Timur Kalandarov, the head of Uzbekistan office of the German manufacturer SEW Eurodrive. “Our company presents the most up-to-date equipment the local firms can use to reach higher productivity levels. We cooperate with leading Uzbek companies: Uzbekneftegaz, Uzbekugol, the ore mining and smelting plants in Navoi and Olmaliq, and many others. We are hoping the number of our customers will significantly increase during the forum.”
Uzbekistan’s oil and gas industry has shown a gradual increase in extraction and, along with it, implements processing and new product development projects. The principle of combination of latest technologies and effective decision-making used in the sector has delivered it to a higher development circle. The industry can provide foreign investors with a lot of opportunities. That was why the international conference of the forum, with its 400 participants from 22 countries, was so important.
This year, among the many topics the 2-day conference covered stood out the following: the priorities of the industry’s development through to 2020; the part played by the industry’s major foreign associates in its growth; the implementation of the liquid hydrocarbons and natural gas advanced processing projects in the industry; and the application of innovative technologies in it.
It must be noted that this year the forum is held along with the celebration of three dates that are important to the industry: the 50th anniversary of the foundation of the Institute of Geology and Exploration of Oil and Gas Fields, the 50th anniversary of the foundation of Farghona Oil Refinery, and the 10th anniversary of concluding the agreement between Uzbekneftegaz of Uzbekistan and Lukoil Overseas Holding Ltd of Russia on the implementation of a unique project, Qandym – Khauzak – Shadi.
Context
In 2013, Uzbekistan’s oil and gas industry utilized $2.81 worth of investments – 11% higher than forecasted.
(Source: “Uzbekistan Today” newspaper)
Uzbekneftegaz works over US$3.6bn gas-chemical projects
National holding company Uzbekneftegaz is preparing new projects in the gas-chemical sphere with total cost for US$3.6 billion, according to the data of holding.
The company noted that three project on syntheses of gas and production of polymer products are developed in cooperation with foreign companies.
UzIndoramaGasChemical is planning to construct gas-chemical complex in Kashkadarya region of Uzbekistan by 2015 with the cost of US$2.5 billion soums.
The project envisages production of 500,000 tonnes of polyethylene, 66,300 tonnes of gas condensate and 55,000 tonnes of pyrolized petroleum a year. The project is implemented by Uzbekneftegaz, Indorama Group (Singapore) and CNPC (China).
In 2015, Uzbekneftegaz is planning to organize production of polycarbonate, polystyrene and ABC-plastic with total cost of US$700 million. Its capacity will be 70,000 tonnes of polymers a year. IThe project is developed by S-Oil (South Korea) and Mitsubishi (Japan).
Uzbekneftegaz, IRED (South Korea) and CNPC (China) are working over a project on production of butanediol from gas and methanol. The project development will be completed by the end of 2014.
The project cost is estimated at US$400 million. The project envisages production of spandex on the base of Uzkinyosanoat enterprise.
(Source: UzDaily.com)