This year, the sides are planning to utilize US$72.35 million within the project on exploration, development and extraction of hydrocarbons at Baisun investment block of Surkhandarya region. Within the Ustyurt project, the sides are planning to use US$50 million of direct investments in 2009.

At the moment, in line with the agreement on joint exploration of Baisun investment block in Surkhandrya region, the sides are drilling well No. 45 at Gadjak deposit. The sides received commercial gas inflow.

The government of Uzbekistan and Petronas signed a product sharing agreement for 35 years in May 2008 on the project on development of gas condensate deposits of Akchalak group, which is located at Ustyurt. In November 2008, the sides inked protocol on entering the force of the product sharing agreement on exploration of Surkhan investment blick in Surkhandarya region of Uzbekistan. The exploration works will be held within five years with the investment volume of US$20 million at least.

Petronas also holds 20% in international consortium, which includes Uzbekneftegaz, Russia’s Lukoil Overseas, Korea’s KNOC and China’s CNPC. The consortium and the Uzbek government signed a product-sharing agreement on development of the Uzbek part of Aral Sea for 35 year.

Uzbekneftegaz and Petronas also signed an agreement on construction of plant on production of synthetic fuel (GTL) with the cost of US$1.5 billion. The project will be implemented at Shortan gas chemical complex in Kashkadarya region. The plant will process 3.5 billion cubic meters of gas and produce 1.75 million tonnes of synthetic diesel fuel and petroleum a year.