LUKOIL becomes largest foreign investor in Uzbekistan

Finance Materials 1 February 2020 10:21 (UTC +04:00)

BAKU, Azerbaijan, Feb. 1

By Ilkin Seyfaddini – Trend:

LUKOIL has invested $8 billion in implementation of production sharing agreements, becoming the largest foreign investor in Uzbekistan, Trend reports referring to Uzbekistan’s Ministry of Energy's report on the activities of the company in Uzbekistan.

Total revenue of Uzbekistan from sales of gas produced by LUKOIL exceeds $4 billion, the reports said.

According to the Ministry, LUKOIL Uzbekistan Operating Company is an operator of projects, which develops and drills wells as well as produces, purifies and processes natural gas to marketable form. The entire volume of gas produced by LUKOIL on Uzbek fields is transferred to Uzbekistan.

LUKOIL is also one of the largest taxpayers in country; the total amount of LUKOIL's tax payments for the entire period of its operations in Uzbekistan is 10.2 trillion soum ($1,1 million).

LUKOIL currently extracts and processes gas at hard-to-reach sites. In particular, Kandym gas processing complex with the capacity of over 8 billion cubic meters and modern engineering and transport infrastructure has been constructed in the desert area.

Over 3,000 Uzbeks have been employed at LUKOIL facilities.

Uzbekistan's cooperation LUKOIL began 15 years ago with the signing of production sharing agreements for field development in Kashkadarya and Bukhara regions.