Putin: LUKOIL to invest US$12bn investments into Uzbekistan

Russian President said that the Russian company in cooperation with the Uzbek partners are developing a group of gas condensate fields in Bukhara region. He added that the company already invested US$3.6 billion. Total volume of investments planned at the level of US$12 billion, he said.

Putin recalled that construction of Kandym Gas Processing Complex, one of the largest in Central Asia, was started in April.

He said that its designed capacity will be 8 billion cubic meters of gas a year and the cost exceeds US$3 billion. The wide-scale project will create 1,000 new jobs in Uzbekistan, increase flow of financial and tax receipts to budget of Uzbekistan.

Currently, LUKOIL Overseas and Uzbekneftegaz are implementing two product sharing agreements (PSAs) Kandym-Khauzak-Shady-Kungrad and Southern-Western Gissar.

In mid-term perspective (2018), LUKOIL plans to produce over 16 billion cubic meters of gas a year in Uzbekistan.