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Russian company ARETI intends to co-op with Uzbekneftegaz

7 December 2018 15:06 (UTC+04:00)
Russian company ARETI intends to co-op with Uzbekneftegaz

By Abdul Kerimkhanov

The Russian company ARETI held talks in Tashkent with Uzbekneftegaz.

Parties discussed the possibility of organizing the localization of the production of pipe fittings.

The delegation held talks in Tashkent with Uzbekneftegaz, representatives of Areti expressed interest in projects for the introduction of technology for distributed compression and localization of the production of mobile compressor units in Uzbekistan.

In addition, the parties are considering the possibility of localizing the production of pipe fittings based on Uzbek enterprises.

ARETI project of the Russian businessman I.V. Makarov created as a result of the rebranding of the ITERA International Group of Companies (IGC), formed in 1992.

ARETI is a private company that unites most of the existing projects of the Group and implements new ones.

Currently, the Group is developing the following business areas: investments in the oil and gas sector, oil and petroleum product supply, LPG and LNG, engineering, energy, development, production and supply of food products to various countries of the world.

The name “ARETI” symbolizes the company's transition to a new stage of development and, being a mirror image of the old name, confirms the preservation of the main economic activities and business methods, key personnel, moral principles and social responsibility.

Uzbekneftegaz was established on May 3, 1992. In 1998, it was transformed into national holding company.

The national holding company Uzbekneftegaz is a state-owned holding company of the Uzbek oil and gas industry.

In the first half of 2018, Russia ranked first among the trade partners of Uzbekistan with a share of 16 percent of its foreign trade turnover, and Uzbekistan is also one of Russia’s leading economic partners in the CIS.

The bilateral trade in the first half of the year grew 32 percent (to more than $2 billion), while Russian exports increased by 41.6 percent and imports by almost 10 percent.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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