Uzbekistan's state energy company has signed a $2.5 billion (R18.9 billion) deal to create a joint venture with Malaysia's Petronas and South Africa's Sasol to build a synthetic liquid fuel production plant, the state company announced Friday.
Uzbekneftegaz said the three companies will take equal stakes in the venture, which will be based in the Central Asian nation.
In an industrial process developed by Sasol, the facility will convert natural gas into liquid fuel.
Uzbekistan has large gas reserves, but sells most of it within the country at low prices. Diversifying its output of energy commodities will help it boost revenue from exports.
The plant is expected to produce around 1.3 million tons of clean-burning diesel fuel annually once completed.
The agreement comes amid a drive by Uzbekneftegaz to attract foreign investors to help boost technical expertise and develop new energy technologies. - Sapa-AP
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