Uzbekneftegaz launches $7.1bn energy program

Shurtan Gas Chemical Complex, Uzbekistan

Shurtan Gas Chemical Complex, Uzbekistan

Uzbekneftegaz, Uzbekistan’s state-owned oil and gas concern, is to spend over $7bn this year on 39 projects aimed at modernising and upgrading its energy sector. The initiative has been signed off by President Islam Karimov and is being funded by $5.1bn worth of loans and investments, while $2bn is being put by the country’s treasury. In the course of the year, Russia’s Lukoil will begin the $2.6bn construction and equipment supply for a 8.1bn m³ capacity gas processing plant at the Kandim fields in the Uzbekistan’s Bukhara region; Uzbekneftegaz and China’s CNPC will begin construction of the fourth $800m line of the Uzbek section of the Central Asia-China gas pipeline that is due to be completed by 2017; and South Korea’s IRED will begin work on a $570m project to expand the capacity of the Shurtan Gas Chemical Complex (MCC) in the Kashkadarya region. 

Source: AKIpress