Baku, Azerbaijan, May 15

By Fakhri Vakilov - Trend:

On May 15, within the framework of the international exhibition Oil and Gas of Uzbekistan - OGU 2019, Uzbekneftegaz JSC and Russian Oil Company Tatneft signed an agreement on geological exploration work in Uzbekistan, Trend reports citing Uzbek media.

A similar document has been prepared for signing with the Azerbaijan State Oil Company SOCAR. The Chairman of the Board of Uzbekneftegaz Bahodirjon Sidikov made this announcement at the conference.

“Favorable investment climate creates conditions for the implementation of large-scale projects on exploration, intensification of hydrocarbon production, deepening of their processing and development of new types of products, focusing on the global trends. In particular, work is underway to attract the French company Total, and new projects are being developed with the Russian company Lukoil,” Sidikov noted.

He added that a joint venture was created with Russian Zarubezhneft company last month to increase the production of brown fields, and negotiations with Tatneft are underway.

Furthermore, it became known that the concept of expanding the production capacity of the Shurtan Gas Chemical Complex, which will provide for an increase in the production of polymers from the current 125,000 tons to 500,000 tons, has been developed. As a result, wide opportunities will be created for the development of the petrochemical industry, the head of Uzbekneftegaz said.

The share of Uzbekneftegaz JSC in the country's GDP is more than 15 percent, with one fifth of the state budget revenues are formed due to the company's activities.

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