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15 July 2019

Will prepare a new draft law “On Production Sharing Agreements”

The Chairman of the Board “Uzbekneftegaz” company, Bahodirjon Sidikov, said that it is planned to prepare a new edition of the draft law “On Production Sharing Agreements” by December 1.

“This law was adopted more than 15 years ago and naturally not all the issues reflected in it today satisfy our requirements for production sharing agreements (PSAs). The law was adopted as the first document to attract investments in the oil and gas sector. Naturally, there were reflected moments when Uzbekistan, in order to attract foreign investors, provided them with certain conditions. Today we have the opportunity to attract investments has increased significantly and naturally we believe that the law needs to be revised, “- noted l Bahodirjon Sidikov.

According to him, it is planned to attract international experts and use the successful experience of other countries in this direction to work on a new draft document.

“It is also planned to discuss the possibility of acquiring natural gas on the domestic market from operators on PSA projects. This issue, of course, needs to be discussed. Under current legislation, this is also possible. But it is necessary that the law meets all modern requirements,” he said.