Uzbek state becomes sole owner of Fergana refinery

TASHKENT. June 9 (Interfax) - The Fergana refinery has been returned to full state ownership, Uzbek media reported, citing data from the State Register of Enterprises and Organizations.

"The state has again become the sole owner of the Fergana refinery. According to the state register, the Uzbek Agency for the Management of State Assets is listed as the sole founder of Fergana Oil Refinery LLC," the report said.

Just a month ago, the founders of the enterprise included the Agency for the Management of State Assets with a 58.5% stake and the private Uzbek company Sanoat Energetika Guruhi (Saneg), which owned 41.5%, the report said.

"The reason for Saneg's removal from the refinery's founders is not disclosed," the report said.

The Fergana oil refinery was commissioned in 1959 and currently produces over 60 types of petroleum products.

In May 2022, the Agency for the Management of State Assets announced the sale of a 100% stake in the charter capital of the Fergana refinery to Saneg for $100 million. As of August 2024, the state owned 58.5% of the enterprise's shares, while Saneg owned 41.5%.

Saneg previously said that it had fulfilled its payment obligations and implementation of the investment program in accordance with the terms of the contract. The company also participated in the enterprise's modernization project, which included the introduction of new processing technologies, increasing the depth of oil refining, producing Euro-5 standard products, and developing hydrogen production.

The refinery recorded a net loss of 538.1 billion soum in 2025 (around $44.8 million at the current exchange rate).