PETRONAS SIGNS AGREEMENT FOR UZBEK GTL PROJECT WITH UNG AND SASOL
PETRONAS has signed a Heads of Agreement (HOA) with Uzbekistan's national oil and gas company Uzbekneftegaz (UNG) and Sasol Ltd of South Africa, making further progress on the development and implementation of the proposed Uzbek gas-to-liquids (GTL) project.
The HOA was signed in Tashkent yesterday (7 April) by Uzbek Deputy Prime Minister and Chairman of UNG Mr Ergash Shaismatov, PETRONAS' President & CEO Tan Sri Mohd Hassan Marican and Sasol's Chief Executive Officer Mr Pat Davies.The HOA follows the positive outcome of a joint pre-feasibility study undertaken by the three parties on the proposed project, based on Sasol's proprietary technology, to produce high-quality transportation fuels from Uzbekistan's abundant gas reserves. The study was the result of an earlier agreement between PETRONAS and UNG for the proposed project that called for a detailed study for its development and implementation.
The partners are currently in negotiations with the Uzbekistan government for the detailed requirements of the proposed project and plan to proceed to the next phase of project implementation, including the establishment of a joint-venture company.
The latest HOA will enhance PETRONAS' presence in the Uzbek oil and gas sector. PETRONAS is already actively involved in a number of upstream ventures in the country through the Urga Production Sharing Agreement (PSA) for the production and development of Urga, Kuanish and Ackhalak group of fields and several exploration blocks, namely the PSA for the Uzbekistan part of the Aral Sea, the Surkhansi Investment Block and the Baisun Investment Block.
Apart from these upstream projects, PETRONAS is also currently undertaking joint studies with UNG for cooperation in the development of downstream petrochemical projects in Uzbekistan.
Issued by
Corporate Communications Department
Group Corporate Affairs
PETRONAS
8 April 2009
