Largest Italian oil, gas company intends to enter Uzbek market

Oil&Gas Materials 14 May 2019 18:24 (UTC +04:00)

Baku, Azerbaijan, May 14

By Fakhri Vakilov – Trend:

The largest Italian oil and gas company Eni is considering the possibility of entering the market of Uzbekistan, Trend reports with reference to the Ministry of Foreign Affairs of Uzbekistan.

Ambassador of Uzbekistan in Belgium Dilyor Khakimov and Eni senior vice president Fabio Marchetti discussed the prospects of cooperation of the Italian company with Uzbekistani partners.

"Based on access to information on energy resources and data analysis, Eni will consider the possibility of preparing a draft memorandum of understanding and opening a representative office in Uzbekistan," reads the message.

Furthermore, Eni also intends to participate in the 23rd international exhibition "Oil and Gas of Uzbekistan 2019", which will be held in Tashkent on May 15-17. The event will bring together over a thousand delegates from 30 countries, including international speakers and company executives.

The Italian oil and gas company Eni founded in 1953, currently works in 83 countries. Eni extracts raw materials, in particular, in Africa, Russia and Kazakhstan, and sells in Italy and other European countries.

In 2018, oil production in Uzbekistan decreased to 746,400 tons by 8.2 percent compared to the previous year. In turn, natural gas production increased by 6.1 percent and amounted to 59.842 billion cubic meters.

Until 2030, the country plans to implement 30 investment projects worth $36.5 billion in geological exploration, production and advanced processing of hydrocarbons.

President Shavkat Mirziyoyev instructed Uzbekneftegaz to pay special attention to oil and gas chemistry and to increase the share of gas processing into high value-added products from 2 percent to 7 percent by attracting investors from Japan, the United States, the United Arab Emirates and Europe.


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