Uzbekistan comments on situation with debt to Lukoil

Oil&Gas Materials 6 May 2019 17:28 (UTC +04:00)

Baku, Azerbaijan, May 6

By Fakhri Vakilov - Trend:

Uzbekistan for the first time officially commented on the situation with the debt of $600 million to the Russian company Lukoil, Trend reports via Uzbek media.

First Deputy Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov commented the current situation during a press conference today, on May 6, in Tashkent.

“The issue with debt to Lukoil has been discussed for a long time. I would say that relations between the two companies are regulated quite successfully based on mutual understanding," said First Deputy Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov at a press conference in Tashkent.

"There were periods when gas was withdrawn due to increased consumption. However the situation is under control and all relationships will be settled thanks to the agreement of the parties. Today there are no problems with the so-called accumulated debt," he said.

Earlier, Reuters reported that Uzbekistan owed Lukoil about $600 million for gas supplies in 2018.

The debt was formed inasmuch as Uzbekistan took part of the gas to the domestic market, although the terms of the PSA provide for the export of all gas produced in Uzbekistan.

Now Lukoil produces about 14.5 billion cubic meters per year in Uzbekistan. The company has invested about $8 billion in projects in the country, of which it has already returned $4 billion.


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