Russian investments to oil-gas sector of Uzbekistan may reach US$6.2bn by 2012

Tashkent, Uzbekistan (UzDaily.com) -- Uzbek experts on Central Asia, politics of Russia and China in the region Vladimir Paramonov, Alexei Strokov and Oleg Stolpovski said in their research “Russian oil-gas projects in Uzbekistan: current affairs” forecasted that investments of Russia into oil-gas industry of Uzbekistan may reach US$6.2 billion by 2012.

The research said currently Gazprom and Lukoil, as well as Soyuzneftgaz actively work in Uzbekistan. There are also subcontractors, which participate in projects of above-mentioned companies.

The document said there were almost no Russian investments into oil industry, but in the beginning of 2009, the volume of investments was from US$895 million to US$905 million.

The research said the volume of Russian investments can reach from US$4.7 billion to US$6.2 billion by 2012. These investments will be directed into exploration works and utilization of oil and gas deposits, as well as modernization of pipelines.