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LUKOIL Overseas have signed an agreement on joint activities
LUKOIL Overseas (responsible for LUKOIL's foreign projects) have signed an agreement on joint activities, reads the LUKOIL Overseas press release. "The signing of this agreement marks an important stage in the implementation of the product share deal on the Kandym-Khauzak-Shady gas project signed on June 16, 2004 in Tashkent. The deal outlines the rights and duties of the investment consortium participants: LUKOIL Overseas (90%) and Uzbekneftegaz (10%)," says the press release. The product share deal is valid for 35 years. The volume of fixed natural gas resources on the contract territory is 283 billion cubic meters. The planned capital expenses on the project are estimated at $1 billion. Industrial gas production is scheduled for 2007. The maximum annual level of gas production will total about 9 million cubic meters and the overall production volume within the project may reach 207 billion cubic meters. After the signing of the agreement the consortium participants forwarded a list of five members of the joint managing committee of the Kandym-Khauzak-Shady project to Uzbekistan's Ministry of Economy. Azat Shamsuarov, LUKOIL Overseas Senior Vice President responsible for operation activities, was appointed the committee's chairman. The Uzbek government is to name the other five members. The first organizing session of the managing committee will be held in mid-October in Tashkent. "A month later the second session will take place there to fix the product share deal's coming into force," says the press release.
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