Malaysia’s Petronas in Uzbekistan oil-production deal
Malaysian state oil firm Petronas said on Wednesday it had signed a production-sharing agreement for a group of fields and a heads of agreement for a gas-to-liquid (GTL) project in northern Uzbekistan, months after inking pacts for fields in the south.
It signed the production-sharing contract for the Urga, Kuanish and Akhchalak fields, located in the Uzbek northern region of Ustyurt. Petronas Carigali Overseas Sdn Bhd holds 100% interest for the development and production of the fields, it said in a statement. The heads of agreement for the proposed GTL project was signed with Uzbekneftegaz National Holding Co, calling for Petronas to undertake detailed feasibility studies for the development.
Last December, Petronas signed agreements with Uzbekistan to drill for oil from two blocks in south Uzbekistan. Petronas Carigali has a 20% stake in the Aral Sea production sharing contract, which is at an exploration stage. Other partners in the venture are state-run UzbeknefteGaz, CNPC International Ltd, parent of PetroChina, Korea National Oil Corporation and LUKoil Overseas Holding Ltd.
Petronas is also undertaking joint studies with UzbeknefteGaz for cooperation in the development of downstream petrochemical projects in Uzbekistan. (Reuters)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.