LUKoil Russia’s oil giant to start Uzbekistan projects in 2013

Dec 28, 2012 12:00 AM

Russia's largest privately-owned oil company LUKoil will launch the active phase of its projects in Uzbekistan in 2013, LUKoil Overseas head Andrei Kuzyayev said on December 28, according to RIA Novosti.

“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 million 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.

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