Uzbekistan to construct $10 billion gas-chemical complex in Khorezm

Construction of a $10 billion methanol-to-olefin (MTO) gas-chemical complex is scheduled to commence this year in the Toprak-Kala district of the Khorezm region, according to official sources. In addition, plans are underway to develop a chemical technopark in Hazorasp.

Source: KUN.UZ

During his recent visit to the region, President Shavkat Mirziyoyev unveiled significant projects aimed at transforming the chemical sector into a cornerstone of Khorezm’s economy.

Key Developments:

• A 10-hectare chemical technopark will be established in Hazorasp, featuring polymer production initiatives valued at a total of $100 million.
• The announcement of the $10 billion complex was first made during the president’s visit to Khorezm in March of last year, where he indicated that discussions were ongoing with prominent global firms in the industry.
• Meetings have reportedly taken place with executives from a “major foreign investment company,” with the project anticipated to be implemented between 2024 and 2028.

For context, a $1.8 billion project to expand the Shurtan gas-chemical complex operated by Uzbekneftegaz has been suspended. Meanwhile, a similar-capacity MTO plant is currently under construction in the Karakul district of the Bukhara region. This $2.7 billion initiative is being developed by Switzerland-based Gas Project Development Central Asia AG, in collaboration with Cyprus-registered Belvor Holdings Limited.

Earlier announcements indicated that the Uzbekistan GTL plant, which was constructed at a cost of $3.4 billion, is slated for privatization.