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Petronas Signs Two Joint Effort Deals with Uzbekistan

Petronas LogoPetronas, through subsidiaries Petronas Carigali Sdn Bhd and Petronas Carigali Overseas Sdn Bhd, has signed a Memorandum of Cooperation (MOC) and a Joint Study Agreement (JSA) with Uzbekneftegaz National Holding Company (UNG), the national oil company of Uzbekistan.

Under the MOC, Petronas Carigali and UNG will explore the opportunities for joint cooperation in the oil and gas sector both in Malaysia and Uzbekistan.

The JSA, on the other hand, defines the scope of a technical study to be jointly undertaken by Petronas Carigali Overseas and UNG in the Baisun Investment Block in Uzbekistan. The Joint Study, expected to complete in 18 months, will pave the way for the execution of a Production Sharing Agreement for the onshore block.

The MOC and the JSA signal Petronas' commitment to establish a long-term presence in the Uzbek oil and gas sector. More importantly, they signify the move towards greater, mutually beneficial cooperation between the two national oil companies.

Last month, Petronas Carigali Overseas became a party to a consortium formed to undertake exploration works in the Uzbek territorial waters of the Aral Sea. Other members of the consortium are UNG, CNPC International Ltd, Korea National Oil Corporation and Lukoil Overseas Holding Ltd.

The MOC and the JSA were signed in Kuala Lumpur. Petronas was represented by its President and CEO Tan Sri Dato Sri Mohd Hassan Marican while UNG was represented by its Chairman Mr. Abdusalom Azizov. The signing ceremony took place in the presence of Uzbek President Mr. Islam Karimov and Uzbek Deputy Prime Minister Mr. Abdulla Aripov.

Also present were Uzbek Minister of Foreign Affairs Mr. Elyor Ganiev, Uzbek Minister of Foreign Economic Relations, Investments and Trade Mr. Rustam Azimov and Uzbek Ambassador to Malaysia Mr. Aybek Khasanov.

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Posted 12/10/05


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