Japanese Itochu Corporation may invest in methanol-to-olefins (MTO) processing projects in Uzbekistan, Uzbekneftegaz oil and gas company said referring to the results of the meeting with the general manager of the Itochu Corp. Turkey Ryutaro Mashiko.
Itochu has been operating in Uzbekistan for many years and cooperates in the implementation of large industrial projects.
Uzbekistan is planning to establish a major gas chemical complex at the heart of what will be Central Asia’s biggest technological cluster to supply polymers to more than 10 local plastics processing plants.
The Japanese company offered to establish a mutually beneficial partnership in the oil and gas sector, especially in projects for the deep processing of hydrocarbons.
Uzbekneftegaz, in turn, provided the Japanese company with information on MTO-1 and MTO-2 projects and noted the possibility of Itochu’s participation as an investor in the production and sale of final products.
Members of the foreign delegation expressed their interest in investing in the projects.
Itochu is one of Japan’s “big five” universal trading houses with headquarters in Tokyo and one of the 500 largest companies in the world.
In January-October 2018, Uzbekistan reduced oil production to 624,300 tons, which is 9.2 percent less compared to the same period in 2017.
The production of natural gas in the reporting period amounted to about 49.46 billion cubic meters, which is 6.8 percent more compared to the same period of 2017.
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