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LUKOIL to invest US$3 billion into projects in Uzbekistan by 2022

The Russian company LUKOIL plans to invest US$3 billion into projects in Uzbekistan by 2022, the head of the company Vagit Alekperov told journalists.

He noted that the company needs to invest an additional US$3 billion to fully develop all the facilities in Kandym and Gissar.

Vagit Alekperov said that after the completion of this investment cycle, LUKOIL can start investing in new projects in Uzbekistan.

The head of LUKOIL noted that the President of Uzbekistan instructed to prepare new projects after the investment cycle end. “Somewhere in 2021-2022, we will complete our investment cycle, and there is an order to work on new projects,” he added.

According to Alekperov, by the end of 2017, total amount of LUKOIL’s investments in projects in Uzbekistan will reach US$6.5 billion.

LUKOIL plans to bring the level of gas production in Uzbekistan up to 16 billion cubic meters by 2020, of of which 8 billion cubic meters will fell to share of Kandym, 5 billion cubic meters – Gissar and 3 billion cubic meters – Khauzak.
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