Tashkent, Uzbekistan /PRNewswire/ - The Ministry of Energy of Uzbekistan and a group of investors including Uzbekneftegaz, Uzkimyosanoat, Air Products & Chemicals Inc and Enter Engineering (the "Group") announce today the signing of a Project Development Agreement (PDA) to build a new petrochemical plant based on MTO (methanol-to-olefins) technology. The purpose of the project is to use domestic supply of gas to produce chemical products with high added value in order to diversify the economy and enhance import substitution.
Under the preliminary agreements, the Group is planning to build a new 500,000 tons state-of-the-art plant, which is expected to process 1.5cbn of natural gas per annum. Potential technical and consulting partners of this project include: Honeywell UOP, Amec Foster Wheeler, Haldor Topsoe and IHS Markit.
The facility will manufacture high-performance polymers used in several sectors of economy and other high value products, such as: synthetic rubber, high quality plastics etc.
The facility's location will be announced in due course and will ensure access to competitive feedstock and energy, with suitable infrastructure, to better serve domestic customers and markets across Europe and Asia.
The Minister of Energy of Uzbekistan, Mr. Alisher Sultanov, said:
"The decision to build this plant is another step to drive Uzbekistan's petrochemicals growth strategy and continue on the path of increasing exports of value-added products as well as raw materials. This project will help to build Uzbekistan's competitiveness as a player on the international stage."
The Group of investors jointly commented:
"We are delighted to take the first step in supporting a new petrochemical plant in Uzbekistan. As a group of investors, we are keen to support projects that offer a positive return on investment whilst also being strategically attractive for the country of Uzbekistan."
SOURCE: The Ministry of Energy of UzbekistanCopyright 2019 PR Newswire. All Rights Reserved