Uzbekneftegaz, Honeywell sign agreement to establish JV
Uzbekistan, Tashkent, March 31 / Trend D. Azizov /
The Uzbekneftegaz National Holding Company and Honeywell corporation signed an agreement to establish a joint venture to manufacture gas filling compressor station equipment, the holding said.
"Uzbekneftegaz and one of Honeywell's offices signed the agreement to establish a joint venture to manufacture equipment for gas filling compressor stations and devices for regulating and measuring the pressure," a statement said.
The joint venture will be established in the Navoi free industrial zone.
The agreement was signed during a Honeywell delegation's visit, headed by Honeywell Process Solutions President Norm Gilsdorf.
The local experts said the project cost for equipment production will preliminary hit about $5 million. The production systems to control and measure pressure (regulator, pressure gauges) for vehicles running on LPG equipment will cost $7 million.
Both projects will be implemented until 2013.
Over 113 gas filling compressor stations operate in Azerbaijan.
Honeywell International is a diversified industrial-technology corporation. According to Fortune magazine, it is among world's 100 leading companies. The corporation provides services for the
aerospace, technology, administrative, industrial and automotive sectors.
Uzbekneftegaz was established in 1998. It comprises six joint stock companies.
According to official statistics, natural gas production declined by 2.1 percent - up to 60.112 billion cubic meters in Uzbekistan in 2010, liquefied hydrocarbon gas production - by 0,2 percent up to 245.700 tons, and oil bitumen production - by 18.2 percent up to 198.100 tons.