TASHKENT, Uzbekistan, October 13 — Uzbekistan and the United States have agreed to implement energy modernization projects worth $3–4 billion, according to Minister of Energy Jurabek Mirzamakhmudov, local media reported.
The American industrial gases company Air Products plans to expand its investments and diversify operations in Uzbekistan. The Ministry of Energy has already signed major contracts to replace gas-powered units with electric propulsion systems in the country’s gas transportation infrastructure, including at compressor and booster stations.
The U.S. Export-Import Bank (Exim Bank) has expressed strong interest in supporting these efforts, preparing a credit facility of $852 million to finance upgrades and modernization initiatives. Retrofitting work at compressor stations over the next two to three years is expected to cost no less than $800 million.
In the oil and gas sector, Uzbekistan also signed cooperation agreements with Schlumberger and Baker Hughes to introduce cutting-edge drilling technologies and management practices. Additionally, Uzbekneftegaz and Gulf Company signed a $100 million memorandum to develop a national network of fuel stations.
Minister Mirzamakhmudov noted that with all new projects combined—including Air Products’ planned coal gasification, synthesis gas production, and ammonia and methanol manufacturing plants—total investments could reach up to $4 billion.
Earlier, President Shavkat Mirziyoyev met with Air Products CEO Eduardo Menezes to discuss accelerating work on the Bukhara gas-chemical complex, as well as projects for eco-friendly aviation fuel production.
Air Products, with a market capitalization of over $63 billion, operates more than 750 facilities in 50 countries, producing nearly 200 million tons of industrial gases annually. The company’s involvement underscores Uzbekistan’s growing appeal as a destination for large-scale, sustainable energy investments.