Russian oil giant expands its presence in Uzbekistan

18 July 2019 18:22 (UTC+04:00)

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By Abdul Kerimkhanov

Russia's Tatneft company expanded the list of regions of its presence by opening petrol stations in Uzbekistan.

The grand opening of the Tatneft gas station took place in the Orta Chirchiq district of the Tashkent region. By the end of 2020, the company is expected to create a network of 22 gas stations in Uzbekistan.

Tatneft is one of the largest Russian oil companies today and is an internationally recognized vertically integrated holding. The industrial complex of the company includes steadily developing enterprises of crude oil and gas production, petroleum refining, petrochemicals production, the tire-manufacturing complex, network of filling stations and services.

Nail Maganov, General Director of Tatneft, noted that the good partnership between Russia and Uzbekistan was aimed at the mutual strengthening of the scientific, technical, industrial and production potential.

Tatneft has many points of contact with Uzbekistan, such as geological exploration, mining, and tire business. There are opportunities for cooperation in the field of training and other areas.

Tatneft has become the third Russian company that sells its fuel in Uzbekistan.

The first multi-fuel filling station of Tatneft was launched in the Tashkent region. In the future, it is planned to expand the retail network of Tatneft, which will supply the region with fuel from Russian leading refineries, including high-quality gasoline from the TANECO refinery complex.

TANECO is a modern company of Russian Petroleum Refining industry within PJSC Tatneft group of companies, which is of strategic importance for the development of Tatarstan economy.

The gas stations plan to sell gasoline grades AI-95, AI-92 and diesel fuel produced by TANECO, gasoline AI-80 produced by the Uzbek refineries, as well as methane.

The project was implemented in accordance with the Decree of the Uzbek President “On additional measures to simplify implementation procedures for business entities of state property and land rights” dated November 11, 2018, as well as the Resolution of the Cabinet of Minister's activities of Uzbekneftegaz dated February 19, 2019.

The accumulated financial capacity of PJSC Tatneft now allows carrying out large-scale investment projects at the expense of both internally available and borrowed funds, while maintaining a high level of financial stability and liquidity.

The achievements in production, environmental and social activities, as well as a high level of the corporate management, openness and transparency of the company, are highly valued by the company's shareholders, business partners and the investment community as a whole.

Diplomatic relations between Russia and Uzbekistan were established on March 20, 1992.

The trade turnover between Uzbekistan and Russia increased by 21 percent to $5.7 billion in 2018.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94