Uzbekistan's energy and power sectors are undergoing a significant restructuring process, creating an array of new business opportunities across most segments of the market.
A new Ministry of Energy was created in 2019, alongside a broader transformation of government structures and entities which aims to streamline and develop what remains a vital component of the Uzbek economy.
We expect to see much greater private-sector involvement in the industry over the coming years, plus a broader geographical spread of foreign companies entering the market.
- Upstream opportunities are centred around Uzbekistan's substantial gas reserves, and have been buoyed by plans to open up new concessions for the first time and restructure . New technologies are set to be introduced at existing fields. We expect to see a much wider range of firms involved in the industry in the coming years as the government works towards an ambitious 2019-2024 hydrocarbons plan.
- Downstream projects including government-led upgrades to several existing refineries and processing plants, while a number of new facilities are under construction or planning. Uzbekistan is likely to become an increasingly strategic player in the Central Asian gas transit and export market, with
- Conventional power remains the cornerstone of Uzbekistan's energy mix. New large-scale CCGT plants are under construction, often funded by IFIs, while PPP structures are also being introduced. Uzbekistan is also planning to build its first nuclear plant, with Rosatom, over the next decade. Rising domestic power consumption is driving demand, as is the need to upgrade aging facilities in the country.
- Renewable energy has recently gained significant momentum. A series of landmark PV deals signed in 2019 including the first round of the World Bank-led Scaling Solar programme and several private-sector agreements. Wind also holds potential, with several projects in the planning stage. Hydro remains vital to Uzbekistan's energy mix and an array of new projects and upgrades are planned in the coming five years.
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