Iran's Petrochem to launch a $273M chemical cluster in Bukhara

Iranian company Petrochem plans to launch a chemical cluster worth $273 million in the Bukhara region, according to a presentation that Shavkat Mirziyoyev was acquainted with during his working visit to the region on May 31.

Petrochem Bukhara, specializing in the production of oil refining products, will undertake the implementation of the chemical cluster construction project in the Bukhara district. The local company, with an authorized capital of 336.5 million UZS, belongs to the small business sector, and its main owner (94.1%) and director is Mukhridin Oripov.

"Our project specializes in the petrochemical industry; it's already a year old. We plan to produce 460 thousand tons of products, of which 160 thousand will be gas condensate and other products. The initial capital investment was $205 million. The project's implementation is actively proceeding. In two months, we expect to launch it, thereby potentially creating 600 new jobs,” said the Iranian investor Kurosh Imodi in an interview with Uzbekistan24 channel.

According to the presentation, as a result of the investment project's implementation, 200 jobs will be created, and tax revenues to the budget will exceed 100 billion sums.

In the fall of 2023, Uzkimyosanoat and the National Iranian Oil Company (NIOC) signed a memorandum of understanding. Former Uzbek Foreign Minister Vladimir Norov notes that the agreement was inked based on the understanding reached during the president's visit to Iran.