Uzbekistan: State Energy Monopoly Announces Projects Worth $21.5 Billion

Uzbekneftegas, the state-controlled energy monopoly, has a five-year plan that appears to defy global economic trends. According to the company's chairman, Ulugbek Nazarov, Uzbekneftegas will launch 52 development projects from 2009-2014, at a projected cost of $21.5 billion.

The projects will cover not only exploration and extraction of hydrocarbons, but also production of petrochemicals and equipment, according to comments made by Nazarov that appear in an information bulletin prepared by Oil and Gas Uzbekistan (OGU), organizer of annual energy exhibitions in Tashkent.

Roughly a quarter of the money is expected to be invested in modernization and repairs, with the rest invested in new ventures. The list of major investors in Uzbekistan's energy sector includes Russia's Gazprom and Lukoil, China's CNPC, South Korea's Daewoo International and Korea National Oil Corporation, and Malaysia's Petronas.

Notably, Uzbekneftegas estimated that only about $1 billion will be expended on development projects in 2009.