Uzbekistan and Azerbaijan will create a joint venture in the oil and gas sector

Almaty. December 30. Silkroadnews - In the first half of 2016 the Uzbek National Holding Company (NHC) "Uzbekneftegaz" and the Azerbaijani state company SOCAR intends to establish a joint venture in the oil and gas sector, reports UzTAG.
In November this year, NHC and SOCAR signed a memorandum of intent to establish a joint venture on a parity basis, which will deal with the introduction of the latest technologies and developments in the fields of alternative energy sources and energy efficiency in the oil and gas industry of Uzbekistan.
According to the memorandum, at the initial stage Azerbaijani company will conduct a comprehensive energy audit within the structure of "Uzbekneftegaz" enterprises. And then, based on the results of this audit, during the negotiation process, the parties will determine the parameters of the project.
"We expect that the constituent documents on creation of the joint venture will be signed in the summer of next year", - said the representative of the company.
Earlier it was reported that in 2030 "Uzbekneftegaz" plans to send up to $500 million for the financing of energy-saving technologies. The energy saving potential in the implementation of these technologies is estimated at 2.5 billion cubic meters of natural gas annually.
Specifically, the holding plans to introduce in the sector of technologies for the production of electricity and low-pressure associated petroleum gas, mini-GTL, alternative technologies for the production of liquefied natural gas. In addition, the planned construction of biogas plants of various capacities, as well as systems for the utilization of industrial and household waste.