What exactly is Gulf Oil investing in Uzbekistan?

Gulf Oil plans about $200 million, including at least $150 million to build roughly 100 Uzbekistan gas stations within two years and about $50 million for aviation fuel infrastructure. The strategy targets scale in road fuel and steady, contracted demand at airports. Together, these assets aim to improve volumes, reliability, and cash flow visibility.

Why does this matter to U.S. investors?

The move highlights growing Central Asia FDI tied to logistics, mobility, and airport services. It offers a real-time gauge of execution, regulation, and demand across road and air transport. Investors can track construction pace, initial station volumes, and early aviation contracts to assess returns and risk control over the next two years.

How could aviation fuel strengthen the business case?

Aviation fuel often involves contracted volumes, strict safety standards, and predictable delivery schedules. That can stabilize revenue alongside retail fuel, which can be more price sensitive. If Gulf Oil Uzbekistan secures reliable airport agreements and maintains consistent supply quality, the aviation segment could balance retail volatility and support long-term margins.

What are the main risks to monitor?

Watch currency risk between the Uzbek som and U.S. dollar, permit and land timelines, construction delays, and pricing pressure from incumbents. Also monitor safety performance and supply reliability. Clear disclosure on capex, per-station throughput, and aviation contract terms will help investors judge whether execution supports the projected build-out and returns.

Global Market Insights

Uzbekistan Energy: Gulf Oil $200M Expansion Plan — February 22

ByHuzaifa Zahoor February 23, 2026February 23, 2026

Gulf Oil Uzbekistan is set to invest $200 million across fuel retail and airport services, signaling rising U.S.-linked interest in Central Asia. The plan includes about $150 million to build roughly 100 Uzbekistan gas stations within two years and about $50 million for aviation fuel infrastructure. For U.S. investors, the move highlights growing exposure to logistics, mobility, and airport services across the region. We explain how this scale-up could shape returns, where risks sit, and the key milestones to track through 2027.