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Lukoil keeps status of largest foreign investor in Uzbekistan

21 September 2015 14:45 (UTC+04:00)
Lukoil keeps  status of largest foreign investor in Uzbekistan

By Aynur Karimova

Lukoil has maintained its status as the largest foreign investor in Uzbekistan since 2004, by implementing large-scale investment projects in the country jointly with the Uzbekneftegaz National Holding Company.

The cumulative production of natural gas within the projects under the control of Lukoil Closed Joint Stock Company amounted to 30 billion cubic meters in Uzbekistan, the company reported.

The major part of this amount -- about 85 percent -- was produced at the Khauzak-Shady field in the Bukhara region.

Lukoil is carrying out production in Uzbekistan at two contract areas – at the Hauzak-Shady field in Bukhara region and at the Hissar group of fields in Kashkadarya region.

The ‘Kandym early gas’ project envisaging the development of Kuvachi-Alat and North Shady fields is being actively implemented.

Lukoil plans to put into operation the major facilities in 2017. The designed gas production level is 4.8 billion cubic meters per year. Aside from these projects, Lukoil also participates in the project for development of the Aral block in Uzbekistan.

The total cumulative volume of investments made by Lukoil in Uzbekistan exceeded $3.5 billion. The company plans to invest in the projects a total of over $8 billion and increase the annual gas production volume to 18 billion cubic meters by 2016.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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