UAE company may get involved in extraction, processing of hydrocarbons in Uzbekistan

Business Materials 13 March 2019 13:00 (UTC +04:00)

Baku, Azerbaijan, March 13

By Fakhri Vakilov - Trend:

UAE company Mubadala Development Company discussed issues of cooperation in the field of exploration, extraction and deep processing of hydrocarbons during the third meeting of the Uzbek-Emirates Intergovernmental Commission on trade, economic, scientific and technical cooperation, Trend reports via Uzbek media.

The UAE delegation was headed by the Minister of Economy Sultan bin Saeed Al-Mansouri. The Deputy Prime Minister of Uzbekistan Elyor Ganiyev co-chaired the meeting on the Uzbek side.

The UAE delegation included representatives of government agencies and the largest companies in the Emirates, which are widely represented internationally.

Representatives of the Abu Dhabi Development Fund, Abu Dhabi's national oil company ADNOC, Masdar company specializing in renewable energy and sustainable urban development, Mubadala Investment Company and Flydubai Airlines arrived in Tashkent to discuss the further development of trade, economic, investment and financial cooperation.

During the meeting, the sides exchanged views on the current state of bilateral cooperation, noted potential points of growth in the development of strategic partnership between Uzbekistan and the UAE and confirmed their intentions within the framework of signed agreements on the results of the Uzbek-Emirates business forum in October 2018.

One of the key issues on the meeting was the discussion of further steps on the formation of investment portfolio of a joint investment company, the founders of which are the Abu Dhabi Development Fund and the Fund for Reconstruction and Development of Uzbekistan.

Moreover, particular attention was paid to expanding the range of products supplied and increasing bilateral trade.

The continuation of the expert-consulting assistance of the ADNOC company to Uzbekneftegaz JSC on cooperation in the field of renewable energy sources with the Masdar company was also discussed.

As a result of negotiations, Protocol of the third meeting of joint commission on trade, economic and technical cooperation between Uzbekistan and the United Arab Emirates was signed.


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