Gazprom’s Headquarters has hosted today a working meeting between Alexey Miller, Chairman of Gazprom’s Management Committee and Shavkat Mazhitov, First Deputy Chairman & Top Manager of the National Holding Company Uzbekneftegaz.

The parties addressed issues in relation to cooperation deepening in the oil & gas sector, placing a focus on the implementation of the Agreement on the major principles and provisions of PSA for the Urga, Kuanysh and Akchalak group of fields in the Ustyurt region of the Republic of Uzbekistan and the Agreement on the major principles of geological survey for the Ustyurt investment blocks of the Republic of Uzbekistan.

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Uzbekistan’s total natural gas resources exceed 6.25 tcm, including 1.62 tcm in commercial reserves. At present, the Republic extracts some 60 bcm of gas per year, including 5 bcm exported to Kazakhstan, Kyrgyzia and Tajikistan. With first imports launched in May 2003, over 2005 Russia acquired some 8 bcm of Uzbek gas and 9 bcm is slated for 2006.

The National Holding Company Uzbekneftegaz is an authorized body responsible for regulating the oil & gas sector (prospecting for oil and gas) of the Republic of Uzbekistan.

On December 17, 2002, Uzbekneftegaz and Gazprom signed an Agreement on strategic cooperation in the gas industry.

Within the scope of the consecutive development of Uzbekistan’s Ustyurt fields, on January 25, 2005, the parties sealed:

• Agreement on the major principles and provisions of PSA for the Urga, Kuanysh and Akchalak group of fields in the Ustyurt region of the Republic of Uzbekistan (concluded between Gazprom and the Republic of Uzbekistan);
• Agreement on the major principles of geological survey for the Ustyurt investment blocks of the Republic of Uzbekistan (concluded between Gazprom and Uzbekneftegaz).