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Jenny Speck to Speak on BARBRI Webinar
Partner Jenny Speck will speak on BARBRI’s live video CLE program, “Tax Credit Insurance for Energy Projects: PFE Exclusions, Recapture, …
November 19, 2026
November 19, 2026 • 1-minute read
Vinson & Elkins advised Uzbekneftegaz JSC (“UNG”) and Uzbekistan GTL LLC (“UzGTL”) on the sale to Air Products of a natural gas-to-syngas processing facility in Qashqadaryo Province, Uzbekistan for US$1 billion. This sale is the largest M&A transaction in Uzbekistan’s history.
The natural gas-to-syngas industrial complex is an integral part of UNG’s 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 purchase agreement, 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 and supply oxygen, nitrogen, hydrogen and syngas to UNG under a long-term contract. UNG will supply the feedstock natural gas and utilities and offtake all products.
The Vinson & Elkins team was led by partner Nabil Khodadad and counsel Alistair Wishart with assistance from partner Lauren Davies, senior associates Steven Wilson and Jonathan Roberts, associate Louise Fischel-Bock.
This latest transaction represents another landmark deal in Vinson & Elkins representation of UNG and its affiliates, which includes advising UzGTL and UNG on the original project financing for the construction and development of the GTL project and Uz-Kor Gas Chemical LLC, a joint venture between UNG, Lotte Chemical Corporation and KOGAS, on the financing, construction and development of the Surgil gas to chemicals project.
About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 14 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or connect with us on LinkedIn.
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