The capacity utilization of the Ferghana refinery is planned to be doubled
21/06/2022 20:30
The capacity utilization of the Ferghana refinery is planned to be doubled
21/06/2022 20:30
Tashkent, Uzbekistan (UzDaily.com) -- The capacity utilization of the Ferghana oil refinery could almost double over the next two years. These are the plans of Sanoat Energetika Guruhi (SEG), one of the largest oil and gas companies in the Republic of Uzbekistan. This was reported by the press service of SEG.
With the acquisition of the Ferghana Oil Refinery (FOR), SEG plans to establish a full cycle of obtaining refined products: from exploration of deposits and production of hydrocarbons, to the production of high-quality products from crude oil, including fuel based on domestic raw materials to provide the residents of the Republic of Uzbekistan. That is, the company follows the path of building a business model according to the scheme of a vertically integrated oil company (VIOC).
The integration of the FOR into the SEG production chain comes after a one-and-a-half-year period of trust management of the enterprise, during which a number of initiatives were implemented aimed at increasing the degree of utilization of the plant. In particular, a modernization program was prepared, the SAP ERP resource management system was introduced, the company switched to international financial reporting standards.
“We intend to almost double the capacity of the enterprise. If today the FOR produces no more than 1 million tons of products per year, then our plans are to increase this figure to 2 million tons. By September 2023, the plant will produce Euro-5 gasoline, as well as other modern types of oils and other refined products. Unfortunately, for the last twenty years, the FOR has been on the periphery of investment interests; the enterprise has not been modernized for more than 30 years. Today, we involve such international companies as Afton Chemical, Lubrizol (USA), Infineum (England), Evonik (Germany) and a number of other companies for its technical re-equipment,” said SEG CEO Shokir Faizulaev.
In addition to integrating the enterprise into the production chain, SEG will spread the best corporate practices to FOR, such as international standards in staff development. As before, FOR will take an active part in the development of the Ferghana region, invest in environmental protection and environmental protection, as well as support local initiatives.
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