Karakul MTO gas-chemical project in Uzbekistan to be reviewed, Tekfen CEO says

Foreign investors have begun collecting documents to review the MTO (methanol-to-olefin) gas-chemical complex project in the Karakul district of Uzbekistan's Bukhara region. Tekfen CEO Levent Kafkaslı announced this on November 3 during a meeting with President Shavkat Mirziyoyev.

According to Kafkaslı, the company's specialists have begun discussing technical issues at the site and have held talks with Uzbek representatives. He said that after studying the documents, the investors will approach international financial institutions to finance the project together with the Uzbek side. The project will cover 236 hectares and is estimated to cost $3.6 billion. A slide presented at the meeting also listed Turkish investors Ahmet Razi Yalçın, deputy CEO of OYAK, and Mehmet Ali İslamoğlu, CEO of Nakkaş Holding.

An audit of the project began in November, with technical and financial reviews planned for completion by the end of the year. Technological solutions are expected to be developed by April 2027. Mirziyoyev said the project was his personal initiative and that he would oversee it himself. Investment, Industry and Trade Minister Laziz Kudratov said the project is worth more than $3 billion.