Gazprom, Uzbekneftegaz JV to invest $701 mln in gas production

TASHKENT, Jun 19 (PRIME) -- NaturalGas-Stream, a joint venture of Russian gas giant Gazprom’s subsidiary Gas Project Development Central Asia and Uzbek state oil and gas holding Uzbekneftegaz, plans to invest U.S. $701.4 million in natural gas production in northwestern Uzbekistan, the country’s government said in a ruling released on Wednesday.

“To approve the main technical and economic parameters of the investment project’s feasibility study,” the ruling read.

Under the feasibility study, investment in the development of the gas fields in the Ustyurt Plateau will stand at $701.4 million, with own funds of the joint venture accounting for $243.4 million and foreign loans accounting for $458 million.

The projected production capacity is 1.633 billion cubic meters of natural gas, 94,500 tonnes of gas condensate, and about 80,000 tonnes of fuel. The company plans to export all the gas it produces.

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