Tashkent, Uzbekistan (UzDaily.com) -- Sanoat Energetika Guruhi (Saneg) has still not paid funds to the state for the purchase of 100% of the state share in the Ferghana oil refinery.

In May 2022, it was announced that Saneg had acquired 100% of the state’s stake in the Ferghana Oil Refinery (FRP) for $100 million.

Currently, the state owns a 58.5% share in the Ferghana oil refinery.

As Kun.uz reports with reference to the State Assets Management Agency (AUGA), the investor did not fully pay for the plant.

According to AUGA, the share will be transferred to the investor in proportion to the paid part of the purchase price. Full transfer of the share will occur after full payment of the purchase price and fulfillment of the terms of the agreement.

As part of the agreement, Saneg also committed to invest US$380 million to modernize the plant. The company must establish the production of modern and environmentally friendly gasoline and diesel fuel that meets Euro-5 requirements, Jet A-1 jet fuel, increase the production of liquefied natural gas, modernize oil units and increase production capacity to at least 2 million tons.

According to the investment program for the second quarter of 2024, the cost of modernizing the plant is now US$389.3 million. As of 1 January 2024, the balance of the modernization project is US$171.8 million.