A resolution of the President of Uzbekistan was adopted on measures to modernize the Fergana Oil Refinery (FOR) with the attraction of foreign direct investment, the Ministry of Justice said.
In accordance with the document, 100% of Uznefteprodukt JSC in the authorized capital of Fergana Oil Refinery LLC is transferred to the State Assets Management Agency.
Fergana Oil Refinery will be upgraded with investments from the foreign company PT Trans Asia Resources (Indonesia).
After the modernization of the plant and the full launch of all capacities, PT Trans Asia Resources will create a consortium of leading international companies for the further operation of the plant.
In the future, the state share in the authorized capital of the plant will be sold to the company PT Trans Asia Resources “on the terms set by the government”.
FOR is one of the leading enterprises for the production of fuel and lubricants in the region. Refining directions include 35 technological installations for production of almost all the oil product range existing in oil refining.