Uzbekneftegaz and the Azerbaijani state oil company SOCAR are planning to set up a trader JV to supply hydrocarbons from Uzbekistan to Europe, Uzbekneftegaz said.
On November 20, a meeting with representatives of SOCAR, SOCAR Trading and Chemtrade was held at Uzbekneftegaz. The parties reached a cooperation agreement during a visit of the Uzbekneftegaz senior executives to Baku in October.
The JV will become a new area for Uzbekneftegaz, which will make possible the exports to the markets of Europe, and other countries to where Uzbekistan has no direct transport corridors.
Uzbekneftegaz produces 70 BCM of natural gas and 8 metric tons of liquid hydrocarbons a year, with over 15 BCM exported to China, Russia and the Central Asia countries, as well as about 100 thousand tons of oil products to neighboring countries.
In May, Uzbekneftegaz, SOCAR and BP Exploration (Caspian Sea) signed an agreement on geological exploration in the Uzbek part of the Aral Sea, Sam-Kosbulak and Baiterek investment blocks of the Ustyurt region.