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Uzbekneftegaz eyes to up exports by SOCAR Trading

Uzbekneftegaz eyes to up exports by SOCAR Trading Uzbekneftegaz eyes to up exports by SOCAR Trading


Baku, October 16 - Neftegaz.RU. Uzbekistan wants to increase export of oil and gas and chemical products through SOCAR Trading, which is among major world trading companies for oil and oil products. A delegation led by Uzbekistan’s 1st Deputy Minister of Energy Zhurabek Mirzamakhmudov and Chairman of the Board of Uzbekneftegaz Bakhodir Sidikov met with President of Azerbaijan’s SOCAR Rovnag Abdullayev to discuss a number of joint projects in the oil and gas and chemical sectors.

The sides discussed the implementation of joint projects, and also developed mechanisms to accelerate their implementation, Uzbekneftegaz reported. In particular, road maps have been signed for exploration projects at Uzbekistan’s investment blocks and for increasing production at the fields of Qashqadaryo Province.

Moreover, the parties reached a number of agreements allowing both acceleration of work on restoration and overhaul of wells, and organization of production of oil and gas equipment and components used in drilling and overhaul of wells in Uzbekistan. The sides have also reached an agreement on a joint study of oil production projects on the Azerbaijani part of the Caspian Sea.

On October 14-15, the Uzbek delegation visited a number of SOCAR enterprises, including the NIPI Neftegaz-SOCAR's Oil & Gas Research and Design Institute. NIPI Neftegaz participated in the design of the Fergana Oil Refinery in 1959.

Uzbekneftegaz notes that the possibilities of increasing the export potential of oil & gas and chemical products of Uzbekistan have been discussed with SOCAR Trading.

By 2020, Uzbekistan plans to implement 38 projects in the oil & gas industry with a total value of about $20.6 billion. The projects will bring total gas production in the country to 53.5 billion cu m by 2017-2021, and oil production to 1.9 million tons.

The capacities of Uzbekneftegaz allow for the production of natural gas in the amount of about 70 billion cu m and liquid hydrocarbons in the amount of 8 million tons per year.

To read the news in Russian.

Author: Leman Mammadova