Mitsui signs $ 170 mm Uzbek oil processing plant contract

Nov 21, 1996 01:00 AM

Japanese trading house Mitsui has signed a turnkey contract worth $170 million with Uzbekistan for an oil-processing plant, which is key to the country's move towards self-sufficiency in energy. Uzbekneftegaz, an Uzbek state monopoly in oil and gas, hopes to produce 9 mmt of oil and condensate this year, three times its production in 1991. This should enable the country to save hard currency otherwise spent on imported fuel and reduce Uzbekistan's dependence on Russia. The Fergana refinery processes 6 mmt of oil per year and produces mostly diesel and fuel oil. A new dehydrosulphurization plant will process 1.7 mmt of oil a year. The European Bank for Reconstruction and Development (EBRD) and the Japanese Exim Bank are considering jointly financing the project, with the Uzbek government paying 15 percent of the cost up front.

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