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NEWS

China, Uzbekistan mull energy co-op

www.azernews.az
13 August 2014

China and Uzbekistan have discussed the prospects of further cooperation in the economy, oil and gas and energy fields on August 12.

The discussions were held at a meeting of the sub-committee on cooperation in the energy sector of the Uzbek-Chinese Intergovernmental Cooperation Committee in Uzbekistan's capital Tashkent.

The representatives of the two countries also discussed further development and strengthening of bilateral relations and implementation of the mutually beneficial joint projects in the energy sector.

The meeting was attended by the ministers and heads of departments and companies of Uzbekistan and China who were responsible in such areas as external economic relations, banking and financial, economic, oil and gas, energy, and geology.

Uzbekistan and China are developing cooperation in oil, gas, petrochemical, chemical and mining industries, in the fields of transport and logistics, the manufacturing industry, telecommunications, production of electrical technology and modern construction materials, as well as in a number of other sectors.

China is one of the largest trade partners of Uzbekistan. The trade volume between the two countries has increased by almost 6 times for the past 6 years and amounted to $5.2 billion in 2013. This figure stood at $2.163 billion in the first half of 2014.

Some 482 joint ventures with Chinese capital, as well as the representative offices of more than seventy Chinese companies are operating in Uzbekistan.

Uzbekistan and China are implementing the projects in the energy sector in the amount of $2.8 billion. Some $2.5 billion or 90 percent of this amount are direct investments.

The Chinese companies are involved in the projects of exploration and exploitation of deposits of hydrocarbons, uranium and other precious materials, as well as gas chemical complex in Mubarek and other high-tech industries in Uzbekistan.