BAKU, Azerbaijan, June 3
By Ilkin Seyfaddini - Trend:
LUKOIL and Uzbekneftegaz will set up a joint venture to conduct geological exploration in the territory of Uzbekistan, Trend reports citing the press service of LUKOIL Uzbekistan Operating Company.
The two companies signed a memorandum of understanding in Tashkent on June 2, 2020, which provides the establishment of a joint venture to conduct exploration and production of oil and gas in Uzbekistan.
The document was signed Director General of LUKOIL Uzbekistan Operating Company Stepan Gurzhiy and Chairman of the Board of Uzbekneftegaz Mehriddin Abdullaev. The joint venture will study geological and geophysical data to assess the prospects of oil and gas bearing capacity of new investment blocks.
Plans to create a joint venture for geological exploration became known in March 2020 after Abdullaev met with LUKOIL President Vagit Alekperov.
According to Uzbek Energy Ministry, LUKOIL has invested $8 billion in developing fields in Uzbekistan. The total amount of tax payments of the Russian company has made up $1 billion.
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