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The President of Uzbekistan, Islam Karimov, has approved the creation of a $221.5 million JV to produce liquefied natural gas (LNG) by Russia’s Stroytransgaz and Uzbekistan’s Uzbekneftegaz.A spokesman for Uzbekneftegaz said the president’s approval had cleared the way for the planned signing of an agreement between the two companies by March of this year, aiming to produce LNG at the Mubarek natural gas processing plant. The facility would process 12 billion cubic meters of gas annually and produce 270,000 tons of LNG, along with 70,000 tons of gas condensate, a report by the Oil & Gas Journal said. (Asia Today)