UZBEKNEFTEGAZ AND LUKOIL IMPLEMENT 54 INVESTMENT PROJECTS DURING 2015-2019

Recently held international conference "Oil and gas industry of Uzbekistan: technologies, investments and development", organized by the National Holding Company Uzbekneftegaz in cooperation with the group of companies "ITE Uzbekistan" and "ITE" involved more than four hundred scholars and specialists from nearly thirty countries.

The Chairman of the Board of the NHC Uzbekneftegaz A. Sultonov, Vice-President of the European Commission on energy issues Maroš Šefčovič and others emphasized that the consistent reforms implemented under the leadership of President Islam Karimov in many sectors of the economy, including in the oil and gas industry, are yielding high results.

Uzbekistan possesses large reserves of hydrocarbons. The pace of work continues on the construction of new oil and gas industry facilities, reconstruction and modernization of existing enterprises. Dozens of high-tech projects are under implementation with the participation of leading investors. The presidential decree "On measures on structural reforms, modernization and diversification of production for 2015-2019" dated March 4, 2015 is an important guide to action in this direction.

Uzbekneftegaz for several years has successfully been cooperating with such leading companies as "LUKOIL", "Gazprom", "Petroleros" (Russia), KNOC", "Kogas", "Lotte Chemical (Republic of Korea), CNODC (China), PetroVietnam (Vietnam) and "Sasol" (South Africa). Several major investment projects in the field of exploration, oil and gas exploration have been implemented jointly. In particular, on April 19 of this year in the Bukhara region, in cooperation with the company "LUKOIL" construction of Kandym gas processing complex has begun. Together with the NHC "Uzbekneftegaz", during 2015-2019, it has been scheduled to implement 54 investment projects. In the current year, it is planned to implement 38 investment projects in the amount of $20.6 billion.

Enterprises operating within the structure of NHC "Uzbekneftegaz" jointly with institutes of the Academy of Sciences and universities of our country are implementing a variety of projects on introducing new technologies. As a result, the production of many new types of oil and gas products have been mastered. The product quality hereby is increasing constantly and is holding a strong position in the global market.

— Uzbekistan has great potential in the sphere of extraction and processing of natural gas, - said the Secretary General of the International Gas Union Paul Rasmussen. The conference provided an opportunity for familiarization with achievements, practices and trends in this area. At that, it will serve for the further development of the oil and gas industry, the establishment of mutually beneficial business contacts, to strengthen international cooperation in the field.

The conference saw a detailed exchange of opinions about the investment potential of the oil and gas industry of Uzbekistan, implemented in the field reforms, the successes achieved, new features, further improving the efficiency of exploration and development of oil and gas fields, etc.

The event participants got acquainted with the work carried out in Uzbekistan to increase the production of oil and gas, energy security, optimal investment environment and opportunities created in the free industrial economic zones of our country, the ongoing large-scale privatization process, consistent reforms on the development of the economy.

The conference discussed issues related to priority directions of development of the oil and gas industry, implementation of modern technologies, attracting investments into the sector, improvement of services, the study and development of hydrocarbon deposits, the increased use of alternative energy sources, exploration and exploitation of new deposits on the territory of Uzbekistan, realization of projects in the field of gas processing, the further development of international cooperation.

UZREPORT