Lukoil intends to invest in Uzbekistan up to US$5.5 billion by 2015

Board of directors of Russian oil giant company Lukoil held its meeting in Tashkent on 24 April to consider realization of its projects in Uzbekistan. Company president Vagit Alekperov said projects Lukoil was implementing jointly with Uzbekistan were of a particular importance. Lukoil has been actively working on the Uzbek market in the recent years. The company has a representative office in Tashkent and set up a daughter enterprise Lukoil Overseas Uzbekistan Ltd. The latter is engaged in realization of the 35-year project Kandym-Hauzak-Shady-Kungrad. The volume of investments in this project will exceed US$3 billion. Last year, Hauzak gas field, located at the Dengizkol lake, was put in industrial use. Lukoil Overseas and Uzbekneftegaz started non-stop gas supply from Hauzak to Dengizkol-Mubarek pipeline. Currently, 15 wells are in operation at Hauzak, and their number will be increased to 23 by the year-end. In all, 37 wells will be created here. Overall, 180 new wells will be created and more than 1,500 km of pipeline will be laid on the Kandym-Hauzak-Shady-Kungrad project. The project capacity is more than 10 billion cubic meters of gas per year. A modern gas chemical complex with a capacity of 8 billion cubic meters of gas per year will be built at the Kandym group fields. Its first line will be launched in 2011. Apart from the named project, Lukoil is also participating in the largest project named Aral. It includes exploration and development of hydrocarbons on the production-sharing agreement basis in the Uzbek part of the Aral Sea. To date, Lukoil has invested US$500 million in the projects in Uzbekistan. By 2015, the figure is expected to rise to US$5.5 billion