Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan's Tekhnochem plans to invest US$420 million in the development of its petrochemical cluster in Bukhara region under a 2024–2028 investment programme. Of the total amount, US$200 million has already been invested, according to information presented during President Shavkat Mirziyoyev's visit to the enterprise on 3 November.
According to the presentation, US$300 million of the investment programme will come from Uzbek and Canadian founders, while another US$120 million is expected to be raised through bank loans. The listed lenders include Invest Finance Bank (InfinBank) and the Islamic Development Bank.
The cluster is located in the Gijduvan Free Economic Zone and covers 69 hectares. The enterprise currently employs around 500 people.
The investment programme includes four projects. In 2026, Tekhnochem plans to implement a US$48.3 million hydro-treatment project for pyrolysis distillate and build an US$80 million facility to process naphtha, gas condensate and methanol.
Two further projects are scheduled for 2027–2028. The first involves the construction of a US$41.7 million facility for processing gas condensate and naphtha. The second, valued at US$250.4 million, предусматривает the establishment of production facilities for aromatic hydrocarbons and petroleum products.
The combined cost of the two projects is approximately US$292 million. Their implementation is expected to increase raw material processing capacity by an additional 400,000 tonnes per year.
Once the entire investment programme is completed, the enterprise expects to increase its annual raw material processing volume from 260,000 tonnes to 660,000 tonnes.
The planned processing structure includes 100,000 tonnes of pyrolysis distillate, 160,000 tonnes of naphtha, gas condensate and methanol, another 350,000 tonnes of naphtha and gas condensate at the new facilities, and 50,000 tonnes of methanol.
The enterprise expects annual production value to rise from 2.5 trillion soums to 6.2 trillion soums. Annual tax payments are projected to increase from 215 billion soums to 575 billion soums.
The expansion is also expected to increase the number of permanent jobs from 500 to 1,200, creating an additional 700 positions.
According to the presentation, Tekhnochem intends to export US$200 million worth of products annually and replace imports worth US$330 million. Potential export markets include Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Afghanistan and European Union countries.
According to the presidential press service, the enterprise plans to export approximately 180,000 tonnes of petrochemical products, motor gasoline and diesel fuel annually.
The complex currently processes oil, gas condensate, naphtha, methanol and pyrolysis distillate. In addition to fuel, it produces an octane booster used to increase gasoline's octane rating, as well as solvents used in the manufacture of paints, varnishes, adhesives and household chemicals.
The enterprise also plans to develop production of aromatic hydrocarbons and other petrochemical products.
During his visit, Mirziyoyev instructed the relevant authorities to support the further expansion of the cluster, including by addressing the allocation of additional land and the training of qualified specialists.
The investors also proposed establishing an educational institution to train personnel for the petrochemical industry.
In addition, the enterprise is negotiating with foreign partners on a possible separate project to process 150,000 tonnes of liquefied gas between 2028 and 2030.
According to publicly available information, the Tekhnochem joint venture was registered on 11 July 2023. Its largest shareholder is Canada's Grindoc Group Inc., with a 45% stake. Davr Oil Trade LLC holds 38.98%, while the remaining 16.02% belongs to Tulkin Khudoykulov.
The company is registered in the Dustlik mahalla of Bukhara district. Its authorised capital amounts to approximately 313.7 billion soums. Mirzokhid Musayev is listed as its director and chief accountant.
