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NEWS

LUKOIL aims to expand Uzbek industrial base

en.trend.az
11 November 2015

Uzbek president Islam Karimov received the president of the LUKOIL oil company Vagit Alekperov Nov.10, said the country's national news agency (UzA).

The president noted vigorous activity of the company on the implementation of joint projects in the oil and gas sector of Uzbekistan.

Currently, LUKOIL operates in Uzbekistan on the implementation of three projects – Kandym-Khauzak-Shady-Kungrad, mining of Southwestern Hissar, as well as conducts exploration of the Uzbek part of the Aral Sea as part of an international consortium. The total investment volume of the company in the implementation of projects in Uzbekistan has exceeded $5 billion.

In November 2014, President Islam Karimov approved a contract between LUKOIL Uzbekistan Operating Company Ltd. (operator of the projects of LUKOIL in Uzbekistan) and South Korea's Hyundai Engineering Co. Ltd. for the construction of a gas processing plant and arrangement of Kandim group of deposits worth $2.662 billion.

Currently, LUKOIL has started construction of Kandym gas processing plant on the basis of attracting world's most advanced technologies, which will ensure deep processing of 8 billion cubic meters of natural gas annually.

During the meeting, Alekperov said that the implementation of this project, which is envisaged to be commissioned in 2018, is being carried out within the framework of further reformation, structural transformations and diversification of economy for 2015-2019 aimed at expanding industrial base of Uzbekistan.

He went on to add that the LUKOIL company will certainly ensure full and timely implementation of all commitments undertaken within the framework of investment projects carried out in the oil and gas sector of Uzbekistan.

During the meeting the sides exchanged views on the current situation in global and regional markets of hydrocarbons, as well as discussed key promising areas of further expansion of long-term and mutually beneficial cooperation.

Earlier it was reported that by 2016, LUKOIL plans to produce in Uzbekistan for at least 18 billion cubic meters of gas per year and to bring production to 17-18 billion cubic meters of gas annually by 2020.

Accumulated gas production in the oil fields of the company in the country currently stands at about 30 billion cubic meters.