BAKU, Azerbaijan, Oct. 29
By Natavan Rzayeva - Trend:
Uzbekistan's Uzbekneftegaz company has completely withdrawn from the group of founders of the Jizzakh Petroleum joint venture, Trend reports via Uzbek media.
The Jizzakh Petroleum JV was established in June 2017 by Uzbekneftegaz and Gas Project Development Central Asia, a subsidiary of Gazprom International. The shares of participants in the authorized capital of the Jizzakh Petroleum during four years were redistributed with a decrease in the share of Uzbekneftegaz from 60 percent to 30 percent and an increase in the share of foreign founders from 40 percent to 70 percent.
In June 2020, the composition of the founders looked like this: Belvor Holding Limited from Cyprus (68 percent), Uzbekneftegaz (30 percent) and Gas Project Development Central Asia (2 percent).
At the beginning of February 2021 the shares between Uzbekneftegaz and Belvor Holding Limited were split at 49 percent.
Uzbekneftegaz completed the procedure by transferring its 49-percent stake to the Cypriot Belvor Holding Limited offshore company.