DUSHANBE, June 13, Asia-Plus — The Ministry of Energy and Industries (MoEI) and the company Kulob Petroleum Limited (Kulob Petroleum LTD) signed an agreement on division of products in Dushanbe on June 13.
The agreement is aimed at cooperation in exploring and developing fields in southwest Tajikistan.
Speaking to reporters after the agreement-signing ceremony, Energy and Industries Minister Gul Sherali said that under the agreement Kulob Petroleum LTD is granted licenses for 56 gas and oil fields in Tajikistan, including five gas fields such as Khoja Sartez, Uzunahor, Pushiyon and South Pushiyon.
According to a MoEI, the possible aggregate reserves of these 56 fields amount to 1,500 billion cubic meters.
Kulob Petroleum LTD pledges itself not only to develop the fields but also to modernize the equipment and create and all necessary infrastructures.
In the meantime, under agreement Tajikistan owns 30 percent of products and Kulob petroleum LTD assumes the 70 percent ownership. The source at a MoEI said that such proportion will remain until the company, operating under conditions of 100-percent risk, covers its expenses. Only after that, the products will be divided in half.
Speaking in an interview with Asia-Plus, Subhonqul Mavloni, an official with the MoEI, said that Kulob Petroleum Limited is subsidiary of an international oil and gas company, Tethys Petroleum Limited.
