Baku, Azerbaijan, June 19
By Fakhri Vakilov – Trend:
The joint venture Natural Gas-Stream, established by Uzbekneftegaz and the Gas Project Development Central Asia (a subsidiary of Gazprom International), is investing over $700 million in gas production in northwestern Uzbekistan, Trend reports with reference to the Uzbek Cabinet of Ministers.
The Cabinet of Ministers of Uzbekistan approved the corresponding resolution on June 17.
The project envisages geological exploration at the investment blocks of Sechankul, Akjar and Chimbay, as well as the development of the Urga, Akchalak and Chandyr group fields.
The volume of investments will amount to $701.4 million, in accordance with the feasibility study of the project, including the funds of the joint venture which is $243.4 million and $458 million of foreign loans.
The design production capacity will amount to 1.633 billion cubic meters of natural gas, 94,500 tons of gas condensate, about 80,000 tons of fuel (gasoline, kerosene, liquefied gas).
All gas produced will be exported.
JV Natural Gas-Stream was established at the end of 2016 for exploration and development of gas fields in the Ustyurt region.
In addition to Uzbekneftegaz, the co-founders of the joint venture from the Uzbek side are the enterprises of Mubarekneftegaz and Ustyurtgas. From foreign side, in addition to the structure of Gazprom, the co-founder is Altmax Holding that is registered in Cyprus. Equity participation is not disclosed.
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