BAKU, Azerbaijan, Dec. 6
By Fakhri Vakilov - Trend:
A joint project of the Russian Zarubezhneft JSC and Uzbekistan Uzbekneftegaz oil and gas companies, Andijanpetro LLC, has been launched in Uzbekistan’s Andijan region, Trend reports citing the press service of Uzbekistan’s Ministry of Energy.
The ceremony of the official start of the joint venture and the signing of a corporate agreement between Zarubezhneft and Uzbekneftegaz took place in Tashkent. The event was attended by the general director of Zarubezhneft Sergey Kudryashov and the first deputy minister of energy of Uzbekistan Zhurabek Mirzamakhmudov.
"We plan to increase production three times. Due to additional production, the budget of Uzbekistan will receive about $50 million," Kudryashov said.
He also emphasized that for the early launch of the joint venture, the parties were able to prepare and sign complex financial and economic documents as soon as possible.
The enterprise will upgrade the equipment technology park at the fields and optimize their development system.
The new Uzbek-Russian joint venture Andijanpetro was established on March 16, 2019, JSC Uzbekneftegaz and JSC Zarubezhneft (Russia). The tasks assigned to the Andijanpetro JV LLC in carrying out activities in Uzbekistan are production at existing oil fields - South Alamyshik, Khartoum and East Khartoum.
Zarubezhneft is Russian state oil holding uniting more than 20 joint ventures and subsidiaries in various segments of the oil and gas business. It has a net profit of more than $101.9 million and a turnover of about $2.3 billion.
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