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Uzbekistan’s Uzbekneftegaz, Russian Tatneft set up JV to boost oil production

Oil&Gas Materials 27 November 2019 15:14
Uzbekistan’s Uzbekneftegaz, Russian Tatneft set up JV to boost oil production

BAKU, Azerbaijan, Nov. 27

By Fakhri Vakilov - Trend:

Russian Tatneft oil company and Uzbekistan’s "Uzbekneftegaz" oil and gas company agreed to create a joint venture to increase oil production at the fields of Andijanneft in Uzbekistan, Trend reports citing Uzbekneftegaz’s press service.

The parties agreed to establish a joint venture during negotiations in Uzbekneftegaz with the general director of Tatneft, Nail Maganov, within the framework of a working visit of Russia's Tatarstan’s President Rustam Minnikhanov to Uzbekistan.

The parties agreed to prepare the constituent documents, as well as register the company as soon as possible.

An agreement was also reached on the earliest possible decision on the start of exploration at the Pristashkent investment block, as well as on the reconstruction and commissioning of gas stations under the Tatneft brand in Tashkent.

Tatneft and Uzbekistan’s Uzkhimprom chemical company have created JV that will own the assets of the First Rubber Plant, the only tire manufacturer in Angren in Uzbekistan.

The document was signed following the results of the Uzbekistan-Tatarstan business forum, held in Tashkent as part of the visit of Russia's Tatarstan’s president to Uzbekistan as well.

Tatneft is one of the largest Russian oil companies today and is an internationally recognized vertically integrated holding. The industrial complex of the company includes steadily developing enterprises of crude oil and gas production, petroleum refining, petrochemicals production, the tire-manufacturing complex, network of filling stations and services. The company also has a stake in the financial sector companies (banking and insurance).

Tatneft’s operations are focused on assets in Tatarstan. Last year, the company produced 29.5 million tons of oil, by 2030 it is expected to increase this figure to 35 million tons, including through new projects.

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