Sinopec’s subsidiary pulls out from Uzbek oil fields project
19/04/2007 00:40
19/04/2007 00:40
Dongsheng is an exploration, development, and production affiliate under Chinese state-controlled oil company Sinopec Corp.
In a statement published on the website of the Chinese embassy in Uzbekistan, Dongsheng said was originally in a 50:50 joint venture with Uzbekistan’s state oil company Uzbekneftegaz of putting back into operation seven oil fields in the southwestern Fergana oil province. Investment of the entire project was estimated at $110 million.
Under a cooperation agreement signed in October 2003, the Dongsheng- Uzbekneftegaz joint venture would produce crude to be processed by the Uzbek refineries and the resulting oil products output would be exported to the international market.
According to
The crude produced from the Uzbek oil fields must be sold at a price set by the
Dongsheng also said under the agreement signed, it had no authority to export its equity crude output. Rather it must sell its share of production to the
The Sinopec affiliate said it decided to pull out of
The statement did not give details on the amount of crude production of the oil fields under the Dongsheng-Uzbekneftegaz joint venture.
Other than the Sinopec affiliate, Chinese state oil giant China National Petroleum Corp. is also tapping upstream business opportunities in the
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