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Lukoil to invest $5 bln in Uzbekistan

11 December 2014

Russian Lukoil Company is planning to invest around $5 billion in the implementation of some projects in Uzbekistan by 2039, Russian President Vladimir Putin, who was on an official visit to Tashkent, said following expanded negotiations with Uzbek President Islam Karimov on December 10.

Putin reminded that Lukoil is currently developing gas and condensate fields in Uzbekistan's Bukhara province.

"We plan to complete the implementation of the project by 2039. During this period, it is planned to attract $5 billion worth of investments," the president said. "Moreover, a large gas processing complex with the capacity of eight billion cubic meters per year will be constructed as well."

Lukoil is one of the largest foreign investors in Uzbekistan. Currently, the company is working in Uzbekistan on the implementation of three projects - Kandym-Hauzak-Shady-Kungrad, the mining of the Southwestern Hissar, and the conduction of exploration of the Uzbek part of the Aral Sea in the international consortium.

Lukoil plans to produce 18 billion cubic meters of gas annually by 2017 and put into operation the major facilities in 2017. The designed gas production level is 4.8 billion cubic meters per year.

Lukoil invested $549 million in the implementation of gas projects in Uzbekistan in January-September 2014, which amounted to $444 million in the same period last year.

The company invested $248 million in Uzbekistan in the third quarter of 2014, and this figure stood at $185 million in the same period of 2013.