Baku, Azerbaijan, April 4
By Fakhri Vakilov – Trend:
Uzbekneftegaz JSC owes more than $16 million to China Petroleum Technology & Development Corporation (CPTDC) State Company for the supplied services and equipment, Trend reports via Uzbek media.
The debts have accumulated within seven contracts between Uzbekneftegaz and CPTDC.
During the negotiations on December 20, 2017, the fact of the existence of accounts payable was confirmed, and taking into account the wishes and financial capabilities of the units of Uzbekneftegaz, the repayment schedule was drawn up until October 31, 2018. The Chinese company agreed to postpone the payment of part of accounts payable in the amount of more than $4 million to 2019, but to date only $100 have been transferred.
CPTDC repeats appeals regarding the repayment of accounts payable by Uzbekneftegaz enterprises to CPTDC due to the fact that China’s tax and other financial institutions consider inadequate recovery of debts as corruption.
China Petroleum Technology & Development Corporation is a subsidiary of China National Petroleum Corporation (CNPC).
The divisions of the state corporation CNPC, including CPTDC, concluded a number of contracts with enterprises of Uzbekistan for the purchase of natural gas, investment in the construction of the Central Asia-China gas pipeline, and supplies of various equipment, totaling several billion dollars.
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