Uzbekistan, Tashkent, March 29 / Trend D. Azizov /
The creditors of Kokdumalakgaz and Gissarneftegaz joint ventures concluded an amicable agreement with the debtors, a source in the Uzbek state committee on de-monopolization, support of competition and entrepreneurship told Trend.
The interlocutor said that a meeting of creditors was held on Monday. The amicable agreement was signed with the owners of Kokdumalak-Gas and Gissarneftegaz joint ventures.
The agreement was submitted to the Commercial Court, which must approve the document.
It was reported that the Economic Court of Qashqadaryo in Uzbekistan initiated bankruptcy proceedings against two major oil and gas ventures created with the participation of Switzerland's Zeromax GmbH - Ltd., Kokdumalak Gas Ltd and JV Gissarneftegaz.
JV Kokdumalakgaz was established in 2004 with authorized capital of $300,000 by Switzerland's Zeromax and its unitary subsidiary Uzbekneftegaz-Mubarekneftegaz on a parity basis to utilize associated gas on the gas condensate field Kokdumalak in Qashqadaryo region.
The joint venture carried out a phased construction of booster compressor station worth $355 million on the field in 2005-2009. The total estimated capacity of utilization is 6.1 billion cubic meters of gas, production - 435,000 tons of gas condensate and 66,000 tons of liquefied gas annually.
The project was financed at the expense of the joint venture, as well as loans without governmental guarantee.
Zeromax and Uzbekneftegaz created Gissarneftegaz Ltd. on a parity basis to search and explore new oil and gas deposits, as well as develop hydrocarbon reservoirs with the subsequent processing and sale in 2005.
The $400 million project provided for the exploration for oil and gas within Tagam-Shimoli of Tandirchin zone in Hissar region and commissioning of five gas condensate fields in Bukhara-Khiva region. The project was designed to last 25 years.
JV Gissarneftegaz was to produce up to three billion cubic meters of gas a year at full capacity.
The volume of accumulated production is about 30 billion cubic meters of natural gas, one million ton of gas condensate and 500,000 tons of oil.
