Aral Sea Operating Company to be liquidated

Tashkent, Uzbekistan (UzDaily.com) -- Founders of Aral Sea Operating Company adopted a decision on voluntary liquidation, the statement of the joint venture said.

According to the company, the extraordinary meeting of the General Meeting of Participants of ARAL SEA OPERATING COMPANY voluntarily liquidated. The company conducted geological and exploration works in the Uzbek part of Aral Sea.

The PSA for the Uzbekistan part of Aral Sea between Republic of Uzbekistan and Consortium of Investors was signed on 30 August 2006.

Investors for PSA and founders of Aral Sea Operating Company are Uzbekneftegaz, Petronas Carigali SDN BHD (Malaysia), LUKOIL Overseas Aral Ltd. (Russia), KNOC Aral Ltd. (Korea) and CNPC International Ltd. (China).

In May 2011, Petronas left the consortium. KNOC also left the project in September 2013. Uzbekneftegaz holds 33.4% stake in the consortium, CNPC and LUKOIL own 33.3% each. According to agreement terms, minimal share of Uzbekistan in the agreement will be 50% in the first stage.

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