Uzbekneftegaz resigns as one of the founders of Jizzakh Petroleum

Reportedly, the relevant decision was made in May, but it was announced on October 28. Earlier, Uzbekneftegaz owned 49% of the joint venture.

Jizzakh Petroleum JV was established in June 2017 by Uzbekneftegaz and Gazprom International’s subsidiary Gas Project Development Central Asia. Initially, the Uzbek side had a share of 60%, and the Russian side – 40%.

It was noted that in 2019, Uzbekistan planned to reduce its stake in Jizzakh Petroleum. It was estimated that 30% of the company would belong to Uzbekneftegaz and 70% – to foreign investors.

On June 4, Jizzakh Petroleum signed a memorandum of understanding with Gazprombank to finance the new gas-chemical complex. It was decided to build a gas-chemical complex based on MTO (methanol-olefins) technology in Bukhara region.