LUKoil and Uzbekistan’s state energy holding Uzbekneftegaz will sign a USD 1 billion deal to develop large Uzbek gas fields, an Uzbekneftegaz official has said. A preliminary production-sharing agreement was struck in July 2001, but the project has been on hold since then awaiting changes to Uzbek law, which previously provided investors with few guarantees. The law was changed in October. The project calls for developing the Kandym, Khauzak and Shady fields with combined reserves of 250 billion cubic metres of gas.
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