Iranian Petrochemical Company Plans $273 Million Chemical Hub in Bukhara
A new chemical cluster with a planned capacity of 460 thousand tons of products per year is set to open in two months in the Bukhara region of Uzbekistan. Iranian company Petrochem is spearheading this project, which is valued at $273 million.
During a recent visit to the region on May 31, Uzbekistan’s President Shavkat Mirziyoyev was briefed on the details of the chemical cluster construction project by Petrochem. The project, called Petrochem Bukhara, will focus on the production of oil refining products in the Bukhara district. The local company, with an authorized capital of 336.5 million UZS, is classified as a small business, and its majority owner and director is Mukhridin Oripov.
In an interview with Uzbekistan24 channel, Iranian investor Kurosh Imodi shared, “Our project in the petrochemical industry is already a year old. We aim to produce 460 thousand tons of products, with 160 thousand tons being gas condensate and other products. The initial capital investment for the project was $205 million. We are actively progressing with the implementation and expect to launch it in two months, potentially creating 600 new jobs.”
The presentation highlighted that the project will generate 200 new jobs and contribute over 100 billion sums in tax revenues to the budget once operational. The agreement between Uzkimyosanoat and the National Iranian Oil Company (NIOC) was signed in the fall of 2023, following discussions during the president’s visit to Iran, as noted by former Uzbek Foreign Minister Vladimir Norov.
Excitement is building for the opening of the new chemical cluster in Bukhara, which is expected to boost the local economy and create opportunities for job seekers in the region.
