Uzbekneftegaz said the resolution is directed at ensuring deepened processing of natural resources, diversification of export earnings, expanding scale of attraction of foreign investments and developing oil chemical industry through organization of synthetic liquid fuel production on the base of cleaned methane of Shurtan gas-chemical complex.

The document approved agreement on joint venture from 14 July 2009 on realization of this project, which was inked by Uzbekneftegaz, Petronas International Corporation LTD and Sasol Synfuels International PTY Limited.

The joint venture will be created as part of Uzbekneftegaz in form of limited liability company with parity shares. The project will be financed due to own resources of the company, funds of consortium of banks and financial institutions.

The resolution also set terms for coordination and signing of investment agreement, which is planned to sign in 2010.

The realization of the resolution will allow to produce kerosene, diesel fuel of high quality and others, Uzbekneftegaz said.

Uzbekneftegaz and Petronas signed an agreement on development of feasibility study on construction of plant on processing 3.5 billion cubic meters of gas to 1.75 million tonnes of synthetic liquid fuel a year.

On 7 April 2009, Uzbekneftegaz, Petronas and Sasol signed an agreement on main principles of project realization on production of synthetic liquid fuel in Uzbekistan and memorandum of understanding. Total volume of Petronas investment into Uzbekistan will reach almost US$2 billion.

The plant will be equipped with mainly Sasol equipment. Sasol equipment mainly produces synthetic fuel for vehicles.