Petronas talks possible re-entering Uzbek oil & gas sector (Exclusive)

Petronas talks possible re-entering Uzbek oil & gas sector (Exclusive)

Baku, Azerbaijan, Nov. 14

By Fikret Dolukhanov – Trend:

Malaysia’s national oil and gas company Petronas doesn’t rule out possibility of re-entering Uzbekistan and is in constant search for new opportunities, the company representative told Trend on Oct. 2.

In mid-September 2018 the Malaysian national information agency Berita Nasional Malaysia (BERNAMA) published an article about bilateral relations with Uzbekistan. Author of the article underlined that the relations can be expanded through increased trade, economic and investment cooperation, including through resumption of the presence of Petronas in the oil and gas sector of Uzbekistan.

According to the article, based on the current political and economic spheres in both countries, it was imperative that Petronas re-established its footprint in Uzbekistan after significant reforms were adopted by the two-year-old government of Uzbek President Shavkat Mirziyoyev.

The company representative said that Petronas is always open for new partnerships. He, however, didn’t comment on whether Petronas is currently holding any negotiations with Uzbekistan’s oil and gas company Uzbekneftegaz.

"Petronas regularly reviews its business portfolio group-wide and is always open to partnerships that can bring value and more opportunities that fit our business requirements," the rep said.

The Malaysian company previously participated in implementation of a number of projects in the oil and gas sector of Uzbekistan. In 2008, Petronas and Uzbekneftegaz signed an agreement on the Surkhan investment block in the Surkhandarya region.

In 2010, the government of Uzbekistan and Petronas signed a production sharing agreement (PSA) to develop oil and gas fields of the Boysun investment block for a period of 35 years.

However, as early as May 2011, Petronas withdrew from the international consortium for exploration and development in the Uzbek part of the Aral Sea in the framework of the PSA, and in June 2011 reduced its share from 33.3 percent to 11 percent in the construction of a plant for production of synthetic fuel in the south of Uzbekistan.

In April 2013, Petronas ceased exploration work on the investment block in the Surkhandarya region in the south of Uzbekistan due to optimization of business in the republic. In May 2014 the company withdrew from two PSAs in Uzbekistan - Baysun investment block and Ustyurt.


Follow the author on Twitter: @FDolukhanov

Subscribe to Trend in Google News! Subscribe
Azerbaijan to be represented by Deputy Foreign Minister Khalaf Khalafov at 3+3 format meeting
Azerbaijan to be represented by Deputy Foreign Minister Khalaf Khalafov at 3+3 format meeting
First meeting of cooperation platform in 3+3 format to be held in Moscow (UPDATE)
First meeting of cooperation platform in 3+3 format to be held in Moscow (UPDATE)
First meeting of cooperation platform in 3+3 format to be held in Moscow
First meeting of cooperation platform in 3+3 format to be held in Moscow
Loading Bars
Biggest cement exporters to Georgia revealed
Iran’s IAC shares data on activities of airports in Ardabil Province
Turkmenistan commissions new gas field
Bitcoin demonstrates sustainability as financial resource - FARI Solutions
Georgia releases COVID-19 data for December 9
Georgia’s sheep exports down
Indian RBI sees GDP growth at 9.5% but warns of Omicron risk
GECF intends to create an Electronic Trading Platform
Byju's buys Austrian math-learning co GeoGebra
Azerbaijani oil prices increase change
Azerbaijan to be represented by Deputy Foreign Minister Khalaf Khalafov at 3+3 format meeting
General Bipin Rawat played key role in cementing India-US defence ties: US
Bangladesh: Shringla calls on Sheikh Hasina, discusses forthcoming visit of President Kovind
Kazakh gas producing company opens tender to buy steel pipes
Kazakhstan begins construction of new ferroalloy plant in Ekibastuz
Cargo movements in Iran's Fereidoonkenar port down
Iran sees increase in exports via customs of West Azerbaijan Province
SOCAR among main suppliers of motor gasoline produced by ORLEN to Ukraine
First meeting of cooperation platform in 3+3 format to be held in Moscow
Azerbaijan plans to begin formation of legal framework for open banking in 2022 (PHOTO)
Kazakhstan’s oil and gas company opens tender for equipment repair
Azerbaijani, French ambassadors discuss results of Sochi meeting in Russia
U.S.-Israeli firm Tipalti raises $270 mln at more than $8 bln valuation
Uzbekistan shares domestic COVID-19 data for December 8
Georgia’s wine export volume reaches historical maximum
Iranian currency rates for Dec. 9
Armenian provocation near border results in death of Azerbaijani soldier
Iran reaches new record in daily gas transportation
Oil stays on the rebound as Omicron fears ease
Russia’s Astrakhan developing transportation of goods along North-South int’l transport corridor - governor
6.0-magnitude quake strikes Japan's Kagoshima Prefecture
Japan's COVID-19 cases defy Asia rebound, yet fears remain for winter wave
Steps being taken to build new bridge over Astarachay between Azerbaijan and Iran – ambassador
Kazakh economic growth accelerates to 3.8%
U.S. envoy to return to Vienna over weekend for Iran talks
UK, Canada join diplomatic boycott of Beijing Winter Games
Russia plans to deliver another batch of S-400 systems to Turkey - Kremlin spokesman
Burkina Faso president fires PM amid security crisis
Pres. Raisi: Iran-Turkey cooperation to enter new phase
Seven U.N. peacekeepers killed in central Mali explosion
Bayern Munich 3-0 Barcelona: Xavi's side crash out of Champions League
Erdogan praises new economy model, calls for trust in policies
Olaf Scholz elected new German chancellor
Georgian gov't allows Covid-19 booster five months after last shot
Turkey’s COVID-19 numbers decrease despite winter worries
Georgia shares data on most exported goods to Azerbaijan
Iran RIPI among 25 leading patent holders in oil, gas nanotech
Johnson imposes COVID-19 'Plan B' in England to contain Omicron
Azerbaijan-Iran to take steps to increase trade turnover – Iranian ambassador
Pfizer, BioNTech vaccine neutralises Omicron with three shots
Azerbaijan proposes new version of budget rule – minister
Azerbaijan working to prepare Budget Code
Iran is ready to start co-op with Azerbaijan, Russia in synchronization of power grids - minister
Azerbaijan appoints new president of Wrestling Federation
EIB, EBRD assess financing opportunities for Georgian business
Central Bank of Azerbaijan puts into circulation new 20 qepik coin
Turkmenistan launches production of Shir deri branded shoes
Uzbek Statistics Committee publishes leading regions in terms of food production
Georgia seeks funding for underground gas reservoir construction
Uzbek Commodity Exchange announces its weekly quotes of commodities for export
Tactical-Special Exercises held in Azerbaijani Nakhchivan (PHOTO/VIDEO)
Iran and Syria to launch a joint mercantile exchange
Central Bank of Azerbaijan to put into circulation new 20 manat banknote soon (PHOTO)
Iran discloses amount of money provided for purchase of agricultural machinery
Russia’s Astrakhan Business Center in Baku to attract businessmen, humanitarian reps - governor
Oil prices expected to strengthen again in 2023
Iran`s Khodro, Saipa automakers receive green light to raise prices on cars
Azerbaijan shares predictions on GDP growth rates for 2022-2026
Iran's Bahar Azadi gold coin prices dip
Indian Oil Corporation renews deal to buy up to 2 MT of oil from Russia's Rosneft
Azerbaijan boosts chemical exports for 10M2021
Foreign Secretary, Bangladesh Foreign Minister discuss COVID-19 cooperation
Number of passenger planes received by Iran’s Gorgan International Airport up
Baku State University opens tender for security services
Indian DRDO carries out successful test firing of surface-to-air missile
Turkey ready to mediate to reduce tension between Russia, Ukraine – President Erdogan
Kazakhstan shares forecast on oil production volume by 2030
Iran produces 5 million doses of domestic Noora COVID-19 vaccine
Bahrain parliament approves value-added tax increase to 10%
Challenge for OPEC+ beyond 2022 may shift towards managing upside risks
Israel budget deficit falls to 4.6% of GDP yr/yr in November
Gas withdrawal from European UGS 19% above average in December — Gazprom
India develops AESA radar to make IAF fighters more lethal
Iran`s National Development Fund voices readiness to back mega projects
Iran's trade with China declining
Iran seeks to boost trade with Syria through private sector
Pfizer, BioNTech vaccine neutralises Omicron with three shots
Red Cross to build regional logistics hub in Georgia
Kazakhstan reports increase in purchase prices for new housing
SOCAR Petroleum among largest taxpayers in Ukrainian fuel market
Azerbaijan launches construction of tunnels on Horadiz-Jabrayil-Zangilan-Aghband highway (PHOTO)
Azerbaijan, Iran hold discussions on development of co-op in oil-gas sector
Armenian troops shoot at Azerbaijani military positions in Kalbajar
Azerbaijan's activities in energy sector - commendable, says Iranian minister
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,210 more COVID-19 cases, 1,853 recoveries
US-led global release of strategic petroleum reserves may accelerate oversupply
Initial acquaintance with minefields maps provided by Armenia creates impression of inaccuracy – ANAMA
Main goal of Google Pay - to ease payment possibility for users, says head of operations strategy
Azerbaijan shares data on oil export to Switzerland for 10M2021
All news