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Economy
18/05/2009
Zeromax, Uzbekneftegaz create new joint venture
Zeromax, Uzbekneftegaz create new joint venture
Tashkent, Uzbekistan (UzDaily.com) --
Switzerland’s Zeromax and Uzbekistan’s Uzbekneftegaz created a new joint venture Kultakneftegaz for production of gas and gas condensate at Nishan field in Bukhara-Khiva region.
Zeromax opened the Nishan field at the end of 2008 and its reserves estimated at 7 billion cubic meters of gas.
Zeromax and Uzbekneftegaz possess 50% in newly created venture. The venture received license to gas production for 25 years. Swiss company plans to invest US$150 million.
The joint venture currently produces 650,000 cubic meters of gas, 26 tonnes of gas condensate and 15 tonnes of oil per day. The company plans to reach full production capacity by 2012 - 500 million cubic meters of gas a year.
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