The joint venture Natural Gas-Stream, set up by Uzbekneftegaz and Gas Project Development Central Asia, is investing more than US$ 700 million in gas production in northwest of Uzbekistan.
The project envisages geological exploration at Sechankul, Oqjar and Chimboy investment blocks, as well as the development of Urga, Akcholoq and Chandir fields group.
As per the project feasibility study, the volume of investments will top US$ 701.4 million, including the JV’s own funds - US$ 243.4 million and foreign loans - US$ 458 million.
The design capacity is 1.633 BCM of natural gas, 94.5 thousand tons of gas condensate, about 80 thousand tons of fuel (gasoline, kerosene, liquefied gas). All gas produced will be exported.
JV Natural Gas-Stream was established at the end of 2016 for exploration and development of gas fields in the Ustyurt region. On the Uzbek side, in addition to Uzbekneftegaz, the co-founders of the joint venture are Mubarekneftegaz and Ustyurtgas, on the foreign side, Gazprom, Altmax Holding, registered in Cyprus. Equity participation is not disclosed.