London team advises Air Products on US$1bn investment agreement for Uzbekistan industrial gas complex

Global Press release May 2023

Global law firm Norton Rose Fulbright has advised Air Products & Chemicals Inc. on a US$1bn investment agreement with the Government of the Republic of Uzbekistan and state-owned energy company Uzbekneftegaz JSC (UNG) to acquire, own and operate a natural gas-to-syngas processing facility in the country’s Qashqadaryo Province.

The natural gas-to-syngas processing facility is an important part of UNG’s overall multi-billion gas-to-liquid (GTL) facility―one of the most advanced energy plants in the world―producing 1.5 million tonnes per year of high value-add synthetic fuels for domestic use and potentially export.

Under the long-term, fixed-fee contract, which was signed on 25 May, Air Products will acquire, own and operate two large-scale air separation units, two large-scale auto-thermal reforming units, and a hydrogen production unit within the Uzbekistan GTL complex. Air Products will supply oxygen, nitrogen, hydrogen and syngas, with UNG supplying the feedstock natural gas and utilities and offtaking all products.

The Norton Rose Fulbright multi-disciplinary team advising on the transaction was led by partners Charez Golvala, Chris Down and Charles Whitney, and included senior associates Nonna Crane and Claire Tuch, and associate Timur Ikramov.

Charez Golvala said:

“This was an extremely interesting and complex transaction to work on. It is one of the largest investments to be made in the Uzbekistan energy market to date and is demonstrative of some of the many opportunities in the country. We were delighted to be able to assist Air Products with this matter.”

Norton Rose Fulbright has advised on a number of deals in the Uzbekistan energy sector, including both power and large scale gas and petrochemicals projects.

For further information please contact:

Katie Mark, Senior Public Relations Manager

Tel: +44 20 7444 2498