At the moment, Uzbekistan considerably develops the oil and gas branch with participation of foreign investors. One of the partners – Daewoo International Corporation – in 2009-2011 plans to invest into geological exploration works in Ustyurt Oil and Gas Region.
With this goal Uzbekneftegaz National Holding Company and Daewoo International Corporation signed protocol “On coming into effect of the Agreement on holding geological exploration works at Koskudyk and Ashibulak investment blocks in the Ustyurt Region of the Republic of Uzbekistan of February 25, 2008”.
In line with the abovementioned document the South Korean company shall have a right to hold geological exploration works at the contract area during five years. By the time of signing the document the sides accomplished all preliminary conditions envisaged by Agreement, established and registered an operator in Uzbekistan, reported Jahon.
The Investment program for 2009 envisions that minimum volume of financial input of Daewoo International to geological exploration will make up 40 million US dollars during three years.
Alongside with Daewoo several largest South Korean companies intend to take part at various important projects in the fuel and energy spheres. In particular, Uzbekneftegaz and DongHo ENC Company signed Memorandum of Understanding as a part of the recent second Forum of cooperation of the Republic of Korea and Central Asian states.
The document envisages establishment of mutually beneficial partnership in terms of applying the latest technological achievements to the area of gas distribution, exploitation of gas distribution networks and exchange of information.
Earlier Uzbekneftegaz signed agreement with another company from the Republic of Korea – the Korean National Oil and Gas Corporation (KNOC) on geological exploration works at the Chust-Pap and Namangan-Tergachin investment blocks in the Ferghana Oil and Gas Region.
The land of Uzbekistan is rich with natural resources. At the moment, 210 deposits of hydrocarbon raw were discovered in the country. Over 50 percent of them are now being elaborated. 35 percent are ready for assimilation. The exploration works are being carried out at others. These resources attract many investor partners interested in mutually beneficial cooperation.
