Brighttree Holding LTD purchases stake in Uzbek gas project

Brighttree Holding LTD purchased 50% stake in Altmax Holding Ltd - one of the participants in the development of the ‘The 25th Anniversary of Uzbekistan’s Independence" gas field.

In the result, Brighttree Holding LTD has obtained a 37.5% stake in the project, which also envisages construction of a gas chemical facility, Kommersant reported.

The report went on to say that the development of the gas field would be carried out as part of a PSA (production sharing agreement) singed in April 2017. It said other shareholders in the joint Surkhon Gas Chemical Operating Company were Gazprom’s international subsidiary Gas Project Development Central Asia and the Uzbek national oil and gas company Uzbekneftegaz’s daughter subsidiary Uzneftgazdobycha.

The development of the ‘The 25th Anniversary of Uzbekistan’s Independence’ gas field with its reserves of about 100 billion cubic meters of natural gas involves follow-up exploration and development of the field with construction of a gas chemical facility.

The total cost of the project is about US$5 billion and the cost of its initial stage is US$2 billion.