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20 June 2019

Uzbek-Russian joint venture invests over $ 700 million in gas production

According to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan, the joint venture Natural Gas-Stream, created by Uzbekneftegaz and the Russian Gas Project Development Central Asia, will invest over $ 700 million in gas production in the Ustyurt plateau, located in north-west Uzbekistan.

Geological exploration is planned at the Sechankul, Akjar and Chimbay blocks, as well as the development of the Urga, Akchalak and Chandyr group fields. 40 wells have already been installed at these fields, which already produce 3.8 million cubic meters of natural gas daily.

In accordance with the feasibility study of the project, the volume of investments will amount to 701.4 million US dollars, including Natural Gas-Stream funds – 243.4 million US dollars, foreign loans – 458 US dollars. In addition, about 500 jobs will be created.

According to the project, it is planned to produce 1.633 billion cubic meters of natural gas, 94.5 thousand tons of gas condensate, 57.2 thousand tons of gasoline, 8.6 thousand tons of liquefied gas, 8.4 thousand tons of diesel fuel, 8.1 thousand tons of kerosene. All gas produced will be sent abroad.

Natural Gas-Stream was established at the end of 2016 for exploration and development of gas fields in the Ustyurt region. On the part of Uzbekistan, in addition to Uzbekneftegaz, the co-founders of the joint venture are the companies Mubarekneftegaz and Ustyurtgas. On the part of partners, in addition to the Gas Project Development Central Asia, which is part of the structure of Gazprom and is registered in Switzerland, it is Altmax Holding, registered in Cyprus.