Uzbekneftegaz has not proposed returning the Fergana Oil Refinery (FNPZ) to its ownership. The company’s First Deputy Chairman of the Management Board, Sukhrob Khamraev, said this at a press conference on October 27, Spot reports.
According to Khamrayev, the State Assets Management Agency is considering several options for the refinery’s future, including keeping it under the agency’s management, returning it to Uzbekneftegaz, which previously owned it, privatisation and attracting investors.
No final decision has been made yet, and the refinery remains under the agency’s control.
“We have not made any such proposal [to take it back],” Khamraev stressed.
Fergana Oil Refinery
In early June, it became known that the Fergana Oil Refinery had fully returned to state ownership. Previously, 58.5% of the company belonged to the State Assets Management Agency, while the remaining 41.5% was owned by Sanoat Energetika Guruhi (Saneg). In 2022, Saneg acquired the refinery for $100 million and committed to investing $380 million in its modernisation.
In January 2026, the Cabinet of Ministers instructed officials to attract new investors to Saneg’s strategic projects, including the modernisation of the Fergana refinery.
Later, State Assets Management Agency head Sokhibjon Murodov said the contract with the investor had been terminated due to financial difficulties the company faced in other projects, which affected its ability to meet payment obligations.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
