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Kyrgyzstan Review, 10 years ago




[22.03.24] Petrofac acquires 50% of Kyrgyz Petroleum Company

The U.S. company Petrofac Resources has acquired 50% of shares in the joint venture AO Kyrgyz Petroleum Company (Jalal-Abad Oil Refinery), Nikolai Novitsky, head of the fuel and energy department at the republic's Economic Development, Industry and Trade Ministry, told Interfax.
 
Previously the joint venture's charter capital was split equally between the Kyrgyz company Kyrgyzneftegaz and Canada's Kyrgoil. The Canadian side put up its share for sale in summer 2003.
 
Novitsky said that Petrofac and Kyrgoil signed a deal in February in Toronto.
 
Petrofac Resources is a subsidiary of the U.S. transnational corporation Petrofac Ltd., which also includes Petrofac Engineering, Petrofac International and Petrofac Facilities Management.
 
AO Kyrgyz Petroleum Company produces oil and refines it at its own facilities.
 
In 2003 the joint venture produced products worth 704.1 million soms, down 22.5% year-on-year; including 25,600 tons of gasoline (down 30.5%), 22,700 tons of diesel (down 10.5%), and 38,900 tons of fuel oil (down 4.4%)
 
Novitsky said that there are only three oil refineries in Kyrgyzstan. These produced 82.118 million soms worth of products in January-February, down 13.7% year-on-year, including 3,564 tons of gasoline (down 45.4%), 3,672 tons of diesel (up 4.8%) and 6,600 tons of fuel oil (up 24.6%).
 
Output at Kyrgyz Petroleum Company in January-February amounted to 80.62 million som, with gasoline production of 3,410 tons, diesel - 3,672 tons and fuel oil - 6,658 tons.
 
The plant OOO Kara-Archa produced 1.5 million som worth of products, including 92.5 tons of gasoline (up 9.6%). The Russian- Kyrgyz joint venture Vostok did not work in January-February.
 
The official exchange rate on March 19 was 43.0858 soms to the dollar.
 
Interfax, March 22, 2004

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