LUKoil to Begin Active Phase of Uzbekistan Projects in 2013

January 3, 2013

RIA Novosti, citing LUKoil Overseas head Andrey Kuzyayev, reports that Russia's largest privately-owned oil company LUKoil will launch the active phase of its projects in Uzbekistan in 2013.

“The peak of investment activity for current projects in Uzbekistan is expected in 2013-2017,” Kuzyayev said.

According to Uzbekistan’s 2013 state investment program, LUKoil plans to invest $678.5 million in its projects in the Central Asian country next year, including 392.3 billion for projects at the Kandym gas field in the Bukhara District and gas prospecting at the Ustyurt Plateau

A total of $286.2 million will be invested in developing deposits at the Gissar Range.

Along with the Kandym and Gissar project, LUKoil is also a member of an international consortium carrying out geological prospecting in the Uzbek part of the Sea of Aral.

LUKoil has already extracted 15 billion cubic meters in Uzbekistan, with an estimated 2012 output of 4.1 billion cubic meters. The company has invested more than $2 billion in its projects in the country.

Copyright 2013, RIA Novosti. All rights reserved.