UzbekNeftGaz and TurkmenNebit signed a memorandum of understanding. Following the talks between the Presidents of Uzbekistan and Turkmenistan at the Avaza congress center in Turkmenbashi city on Saturday.
A source in the office of President of Uzbekistan said that the document provides for joint exploration and development of Turkmenistan’s offshore fields in the Caspian sea.
The parties intend to extract hydrocarbons under the terms of a production sharing agreement. The planned cooperation will increase the utilization of production capacities of oil refineries of the two countries.
