Azernews.Az

By Abdul Kerimkhanov

The oil and gas industry of Uzbekistan has become a truly leading sector of the economy, which plays a crucial role in the socio-economic development of the country.

Tatneft, a Russian oil and gas company, may adopt a project to implement plans for the oil fields development in Uzbekistan by the end of summer, Rustam Sharapov, Head of the Contract Maintenance Department at Tatneft, told reporters at the international exhibition Oil & Gas Uzbekistan - 2019.

Bahodir Sidikov, Uzbekneftegaz representative, said that Tatneft has signed an agreement on the basic conditions for conducting geological exploration in Uzbekistan.

Exploration will take no more than three months. The company is currently developing economic models and draft agreements for several oil fields’ development.

Tatneft plans to improve and expand the number of fields in the Andijan region within the framework of the project.

Earlier, Uzbek authorities informed that Tatneft intends to begin construction of gas stations network in Uzbekistan in spring. In late 2018, the Russian company registered its sales subsidiary “Tatneft-Gas Station-Tashkent” in Nurafshon city.

Tatneft is one of the largest Russian oil companies today and is an internationally recognized vertically integrated holding. The industrial complex of the company includes steadily developing enterprises of crude oil and gas production, petroleum refining, petrochemicals production, the tire-manufacturing complex, network of filling stations and services.

Tatneft also has a stake in the financial sector companies (banking and insurance).

The accumulated financial capacity of Tatneft now allows carrying out large-scale investment projects at the expense of both internally available and borrowed funds, while maintaining a high level of financial stability and liquidity.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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