Chimyon (Uzbek: Chimyon / Chimyon) is an urban-type settlement in the Fergana District of Fergana Region, Uzbekistan. The settlement is located 24 km from the Altyaryk railway station (on the Akhunbabaeva–Kokand line).
The conquest by the Russian Empire of vast territories of Turkestan in the late 19th century gave momentum to the region’s economic development. However, in the early period Turkestan looked far from being one of the empire’s most successful provinces. In particular, apart from cotton production—which showed fairly strong growth in terms of economic development—the region’s industry was in an embryonic state.
At the beginning of the 20th century, the oil industry in Turkestan revived. One of the first enterprises to launch operations here was the Fergana Oil Industrial Company, which developed a field near the village of Chimyon in Fergana Region. Like other similar enterprises in Turkestan, the Fergana Oil Industrial Company was transformed from a small limited partnership formed under the leadership of railway engineer A. N. Kovalevsky to attract additional funds after successful preliminary exploration (oil was discovered here at a depth of only 8 sazhen).
At first, shares of the "Chimyon" Company were strictly registered, and the company incurred losses by failing to deliver the volumes stipulated in contracts with the Central Asian and Tashkent railways. Later, after the shares became bearer securities and began to circulate freely on the oil market, they started to be mass purchased by representatives of the well-known Nobel Brothers Oil Production Partnership. The company’s transfer under the control of a powerful monopolistic association did not fundamentally change the situation: "Chimyon" continued to incur losses. By 1917, the total of these losses had already reached 1,671 thousand rubles. In 1918, the Company was nationalized.