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Uzbekistan adopts "road map" for financial and economic recovery of two refineries

21 June 2014

Uzbek government has approved the "road map" for financial and economic recovery of loss-making enterprises, which are part of the "Uzbekneftegaz" National Holding Company (NHC) including Ferghana and Bukhara refineries, the company`s representative told Trend.

The program on the recovery of the Ferghana and Bukhara oil refineries ("Roadmap") envisages the measures on the reduction of cost price of the production, reduction of consumer receivables, as well as increase of production volumes and capacity utilization due to the import of raw materials, the source said.

It is expected that as a result of the program's implementation net profit of the Ferghana oil refinery will amount to 5.2 billion soums on the results in 2014 compared to 224.5 billion soums of net loss in 2013.

The net profit of the Bukhara oil refinery is projected in the amount of 10.2 billion soums compared to the net loss of 226.8 billion soums in 2013.

It is assumed that the measures on the improvement will allow to increase the capacity utilization of the Fergana refinery up to 33.5 percent by end of the year compared to 25.9 percent in 2013, and Bukhara Oil Refinery - up to 64.7 percent compared to 64.4 percent last year.

It is planned to process 500,000 tonnes of imported oil on tolling conditions at Ferghana refinery this year, and some 328,000 tonnes of gasoil on a give-and-take basis.

The export of the Ferghana refinery is planned in the amount to $86 million this year versus $49.4 million in 2013.

At present, oil and gas condensate processing is carried out in Ferghana, Altyaryk and Bukhara refineries. Due to the scarcity of raw materials refineries do not operate at full capacity.

Ferghana and Altyaryk fuel-oil plants have the processing capacity of 5.5 million tonnes and 3.2 million tonnes of oil per year respectively.

High-quality types of gasoline, kerosene and diesel fuel are produced at the Bukhara refinery. The projected processing capacity is 2.5 million tonnes of gas condensate per year.

Due to the depletion of the resources in Uzbekistan in the recent years the production of liquid hydrocarbons including oil is reduced . In 2012, oil production decreased by 17.4 percent - up to 1.561 million tonnes.

In January-March 2013, oil production decreased by 19.8 percent compared with the same period in 2012 - up to 345.250 tonnes.

The statistics on the production of hydrocarbons for later periods have not been reported.

"Uznefteproduct" (a part of "Uzbekneftegaz") is the owner of the Ferghana, Altyaryk and Bukhara refineries which implement processing of raw hydrocarbons. The company has a network of oil depots, transshipment terminals, gasoline stations as well as the company also engage in the sale petroleum products.

Uzbekneftegaz NHC is the monopoly operator of the oil and gas sector of Uzbekistan. The company was established in 1998 and comprises six joint stock companies.

The official exchange rate on June 20 is 2308,39 UZS / USD.