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Wednesday, June 28, 2006

China to explore for oil in Uzbekistan

BEIJING, June 28 (UPI) -- China's energy giant has signed a deal with a Uzbek oil and gas company to explore oil fields in the country.

China National Petroleum Corp. and Uzebkneftgaz signed the agreement earlier this month to carry out oil prospecting at five investment fields in Ustyurt, Buxoro, Xiva and Gargona. A total of $208.5 million will be invested in the large-scale work, which will last five years, Uzbek newspaper Xalq Sozi reported.

China is working on registering the country in a branch company that will work out the prospecting programs and operate the project.

The company, which will be set up, will divide funds on a 50-50 basis. According to Uzebkneftgaz, CNPC will also fund to train Uzbek specialists.
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