The parties discussed Lukoil’s activities in Uzbekistan with regard to geological prospecting and development of hydrocarbon deposits in a range of investment blocks, as well as the progress in constructing a new gas processing plant in Bukhara region.

According to President Islam Karimov, the effective materialization of exploration works has allowed Lukoil to secure growth of hydrocarbon reserves across deposits of Kandym group, Khauzak-Shady, Gissar region, Kungrad segment, and as part of Investors Consortium on the Uzbek section of the Aral Sea.

It has been stressed during the meeting that Lukoil’s direct investments into the hydrocarbon complex of Uzbekistan on three investment schemes have already exceeded US$2 billion. More than US$5 billion of investments in general are due for the period of execution of all projects with Lukoil. Uzbekistan’s willingness to bolster cooperation in deep reprocessing of raw stock with production of goods with higher added value has been underscored.

In his turn, Vagit Alekperov expressed gratitude for a warm welcome and a facilitating environment created to implement extensive mutually advantageous projects; he also highly appreciated the Lukoil activities in Uzbekistan’s oil and gas industry. The guest assured of the readiness of the company he runs to continue with the longer-term and rewarding interaction with Uzbek partners.