New Uzbek-Chinese venture to develop Mingbulak deposit

Uzbekneftegaz national holding company and China National Petroleum Corporation (CNPC) agreed to create new venture for joint supplementary exploration and development of Mingbulak deposit in Namangan region.

The Uzbek company said on 16 October that the sides signed a constituent agreement and charter of new joint venture Mingbulakneft.

It said the founders of the venture are Andijanneft open joint-stock company and China National Oil and Gas Exploration and Development Corporation (CNODC) and each side will own 50% shares.

Earlier, Uzbekneftegaz and CNPC signed an agreement on main principles of cooperation on joint supplementary exploration and development of Mingbulak deposit in April 2007 and signed an agreement on main principles of the creation of the joint venture in May 2008.