Air Products, a US company, has signed a trilateral investment agreement with MIIT and Uzbekneftegaz, the ministerial press service reported. 

The parties agreed on the development of a natural gas processing complex in the Kashkadarya region, which is part of the Uzbekistan GTL gas processing enterprise. The cost of the project is estimated at $1 billion.

It is expected that the launch of the new complex will provide consumers with affordable fuel, as well as process industrial gases. The American company plans to sell gas processing products both on the domestic and foreign markets.

“Thanks to the signed agreement, we will be able to apply the most advanced technologies and knowledge in Uzbekistan, a country with high growth rates. This agreement will ensure the production of high-quality and cheap fuel and satisfy the growing needs of the population,” said Air Products President Seifi Gassemi.

Air Products a few years ago showed interest in the Uzbek market as a promising one for direct investment. The company expressed its readiness to invest $1 billion or more in projects for the production of industrial gases and the production of polymers from natural gas.

In 2019, it became known that Air Products and Uzbekneftegaz intend to create a joint venture for the production of rare gases. The company studied the possibilities of organizing the production of helium, ammonia, carbamide, as well as petrochemical products.