Lukoil increases gas production in Uzbekistan by 67 pct
By Abdul Kerimkhanov
Russia's largest gas producer, Lukoil, produced 67 percent more gas in 2018 in Uzbekistan than in 2017.
Thanks to the launch of new gas treatment facilities, the production of Kandym and Gissar projects in 2018 increased to 13.4 billion cubic meters, which is 67 percent more than in 2017, noted on the official website of the company.
As the company notes, in 2018, Lukoil produced 33.5 billion cubic meters of gas, which is 16 percent more compared to the previous year. The main factor in the growth of gas production is the projects' development in Uzbekistan.
By 2020, the company intends to increase gas production in Uzbekistan to 18 billion cubic meters. "By that time, the company's investment in Uzbekistan will reach $ 8 billion", the report says.
The Kandym gas processing complex in the Bukhara region, built by Lukoil for $3,4 billion 400 million, was put into operation on April 19, 2018.
Lukoil is one of the largest publicly traded, vertically integrated oil and gas companies in the world accounting for more than 2 percent of the world's oil production and around 1 percent of the proved hydrocarbon reserves.
Each day Lukoil improve the quality of life for millions of consumers in over 100 countries around the globe through the supply of products, power, and heat. The company employ over 100,000 people who join their efforts and expertise to ensure the company’s efficient development and secure its market leadership.
Lukoil’s corporate mission is to make the energy of natural resources serve the interests of mankind, to efficiently and responsibly develop the unique hydrocarbon fields by providing company growth, the wellbeing of its employees and community at large.
The Board of Directors approved in 2017 the Strategic Development Program of LUKOIL Group for 2018–2027. The updated strategy is focused on driving sustainable growth in key performance indicators and the company’s progressive dividend policy in a conservative oil price scenario while pursuing additional growth opportunities and distributions to shareholders in a more favorable environment.
Diplomatic relations between Russia and Uzbekistan were established on March 20, 1992.
The trade turnover between Russia and Uzbekistan in 2018 increased by 21 percent to $5.7 billion.
The structure of Russia's exports to Uzbekistan includes metals and products, wood and pulp and paper products, machinery, equipment and vehicles, food products and agricultural raw materials, mineral products, chemical products.
The structure of imports of Russia from Uzbekistan includes textiles and footwear, chemical products, machinery, food products and agricultural raw materials, metals and products from them.
Uzbekistan is one of Russia's leading economic partners in the post-Soviet space.
These are the Economic Cooperation Program for 2019-2024, the Cultural and Humanitarian Cooperation Program for 2019-2021, the Road Map for the creation of the International Radio Astronomy Observatory Suffa, the Agreement on the establishment and operation of branches of leading universities in Russia in Uzbekistan, the Agreement about cooperation in the textile industry.
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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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