May 15, 2008

Malaysian Oil Firm Pertronas Signs Energy Deal With Uzbekistan

Text of report in English by Malaysian official news agency Bernama website

[Bernama report from the "General" page: "Petronas Signs PSA And GTL Agreements In Uzbekistan"]

Kuala Lumpur, May 14 (Bernama) - PETRONAS has signed a Production Sharing Agreement (PSA) for a group of fields and a Heads of Agreement (HOA) for a gas-to-liquid (GTL) project in Uzbekistan, making further inroads into the Uzbek oil and gas industry.

Through wholly-owned subsidiary PETRONAS Carigali Overseas Sdn Bhd (PCOSB), PETRONAS signed the PSA with the Government of Uzbekistan for the Urga, Kuanish and Akhchalak fields, which are located in the Uzbek northern region of Ustyurt.

Under the PSA, PCOSB holds 100 per cent interest for the development and production of the fields, said the state oil company in a statement Wednesday.

The HOA for the proposed GTL project was signed between PETRONAS and Uzbekneftegaz National Holding Company (UNG), the Uzbek national oil company. The HOA calls for PETRONAS to undertake detailed feasibility studies for the development of the proposed project.

The agreements for the two projects will enhance PETRONAS presence in the Uzbek oil and gas sector. PCOSB is already actively involved in a number of exploration blocks in Uzbekistan, including the Aral Sea Exploration Block, the Surkhansi Exploration Block and the Baisun Investment Block.

Apart from these upstream projects, PETRONAS is also currently undertaking joint studies with UNG for cooperation in the development of downstream petrochemical projects in Uzbekistan, said the statement.

The signing ceremony for the two agreements took place in Tashkent on Tuesday.

PETRONAS was represented by its President and Chief executive officer, Tan Sri Mohd Hassan Marican while signing on behalf of the Uzbek Government and UNG was Chairman of UNG Ahmedov Nurmuhammad Ahmedovich.

Originally published by Bernama website, Kuala Lumpur, in English 0004 15 May 08.

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