Uzbek officials visit Uzbek-Iranian joint venture for $274mn petrochemical project in Bukhara district
Officials from the Chamber of Commerce and Industry of Uzbekistan (CCI) and the Bukhara regional administration recently visited the Petrochem Sepehr joint venture.
The venture, established in collaboration with Iranian partners, is set to pioneer a major petrochemical initiative in the Bukhara district.
During the visit, the Acting Deputy Head of the CCI, Umid Pazilkhanov, and regional administration head Shokhrukhali Sadillaev inspected the $274mn project, which focuses on the production of various oil-based products.
Scheduled for launch in stages beginning September 2024, the initiative aims to implement over 10 projects and introduce the production of 13 different types of chemical products.
These include pentane, hexane, benzene, toluene, dimethyl carbonate, ammonium bicarbonate, caustic soda, and potassium sulfate.
The project's economic impact is expected to be significant, with projections indicating an annual production value of $240mn in chemical and petrochemical products.
Of this output, $82mn is slated for export, while $123mn will replace imported goods, supporting Uzbekistan's goals of self-sufficiency in key industrial sectors.
Moreover, the initiative is forecasted to contribute UZS214bn ($17mn) annually to the national budget and generate 600 new jobs, underscoring its role in local economic development.
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