From a Gulf Oil fuel network and a $2 billion airline IPO to a $1 billion critical minerals portfolio — here's what came out of President Mirziyoyev's meeting with the U.S. business community in Washington.

$2.5 Billion in U.S.–Uzbekistan Deals: The Breakdown

On February 18, 2026, President Shavkat Mirziyoyev met with the U.S. business community in Washington — and left with commitments exceeding $2.5 billion across energy, aviation, critical minerals, and finance. A new bilateral investment platform, co-signed by the U.S. International Development Finance Corporation (DFC) and the Export-Import Bank, now provides the institutional framework to track and accelerate these and future projects.

Here is what was announced and why it matters.

Gulf Oil: 100–300 Fuel Stations, $150M+

Uzbekneftegaz and Gulf Oil — which operates over 1,100 stations across 36 U.S. states — will jointly develop a network of 100 fuel stations by 2028, backed by $100 million in investment, with a further $50 million earmarked for aviation fueling infrastructure at airports. The two companies established a joint venture in mid-2025 and have already acquired six pilot stations.

Regional governors have separately proposed acquiring up to 200 existing stations, which would bring Gulf's total footprint to 300 locations nationwide — instantly making it the largest fuel retail network in the country.

For context: foreign-branded fuel networks currently account for under 15% of Uzbekistan's retail fuel market. Gulf's entry would reshape that landscape entirely.

Centrum Air: $600M IPO at a $2 Billion Valuation

Founded just three years ago in January 2023, Centrum Air — Uzbekistan's largest private carrier — is planning a $600 million IPO at an expected valuation of $2 billion, to be underwritten by U.S. investment banks. The airline currently operates around 15 aircraft across 39 destinations spanning Central Asia, East Asia, South Asia, and Southeast Asia, with European routes to Germany and Denmark launching in early 2026.

The valuation is bold. For comparison, Kazakhstan's Air Astana listed on the London Stock Exchange in February 2024 at $1.1 billion — Centrum is pricing at nearly twice that figure at a fraction of the age. If it proceeds, this would be the first international IPO of a privately owned Central Asian airline — a landmark transaction for the region's capital markets.

Traxys: $1 Billion Critical Minerals Portfolio

U.S.-based commodities firm Traxys will develop a $1 billion portfolio targeting annual output of 150 tonnes across tungsten, molybdenum, copper, rare earths, and black shale — with a new Tashkent office established to anchor the operation.

The underlying resource case is significant. Uzbekistan holds over 2,700 mineral deposits covering approximately 100 material types, with an estimated total value of $3.3 trillion. The U.S. Geological Survey has identified 87 rare earth and rare metal deposits in the country — second only to Kazakhstan in Central Asia. At a moment when the global race for critical minerals supply chain security is intensifying, Uzbekistan's resource base is becoming increasingly strategic.

DFC and Ex-Im Bank: Institutional Backing at Scale

Underpinning all of the above is a newly signed bilateral investment platform between Uzbekistan's Ministry of Investment, the UFRD, the DFC, and the Ex-Im Bank. The structure creates a joint holding framework to coordinate and accelerate priority projects.

Concretely, the Ex-Im Bank has confirmed an $852 million credit line for Uzbekneftegaz to upgrade compressor stations, while the DFC will serve as a financing and risk insurance partner for long-term energy and minerals projects.

This is not a memorandum of understanding. It is operational capital — with institutional accountability built in.

Why This Round of Deals Is Different

U.S.–Uzbekistan commercial engagement has been growing for several years, but the Washington meeting represented a qualitative shift. The combination of a bilateral investment platform with real institutional backing, transactions across multiple sectors simultaneously, and headline deals of genuine scale signals that Uzbekistan has moved from a market that U.S. capital is curious about to one it is actively entering.

For investors and capital allocators watching Central Asia, the direction is clear: the window of first-mover advantage in this market is narrowing.

Umma Capital is positioned at the centre of Uzbekistan's investment market. Get in touch to explore how we can help you access opportunities in the region.

Keywords targeted: Uzbekistan U.S. investment deals 2026, Centrum Air IPO, Gulf Oil Uzbekistan, Traxys critical minerals Uzbekistan, DFC Ex-Im Bank Uzbekistan, Uzbekistan Washington investment, Uzbekneftegaz credit line, Uzbekistan rare earth minerals, Central Asia investment 2026, Mirziyoyev Washington meeting