Ashgabat and Tashkent Agree on Joint Production in Caspian Sea
Turkmenistan and Uzbekistan will jointly develop hydrocarbon deposits in the Caspian.
According to Natural Gas World with reference to the resource Gazeta.uz, the Memorandum of Understanding was signed by the Uzbek and Turkmen parties – the national holding company Uzbekneftegaz and the state concern Turkmennebit.
The ceremony was held on May 22, following the talks between the Presidents of Uzbekistan and Turkmenistan in the Avaza Congress Center.
The staff of the President of Uzbekistan explained that the Memorandum envisages the establishment of mutually beneficial and long-term cooperation in joint exploration and development of deposits on the Caspian shelf of Turkmenistan.
The parties decided to extract hydrocarbon raw materials on the terms of production sharing agreement (PSA). Cooperation will increase the utilization of production capacities of the oil refineries of the two countries.
It should be noted that the national holding company Uzbekneftegaz signed a Memorandum with the State Oil Company of Azerbaijan (SOCAR) on joint development of deposits in Tashkent on May 17, 2017.