Russian news agency Interfax
November 1
hina Petroleum Technology & Development Corporation
(CPTDC) is to modernize 10 drilling units belonging to Uzburneftegaz (part
of the national holding company Uzbekneftegaz), at a total cost of 69.7m
dollars, a source in Uzbekneftegaz told Interfax.
According to the source, the project will be implemented in two stages, with the start of work planned for the end of 2001. It is planned to carry out the main body of work in 2002. The project will be financed by Uzbekneftegaz funds.
At the moment Uzburneftegaz operates 96 Russian and Romanian drilling units. The Uzbekistani drilling unit's equipment has not been modernized since 1994, the source said.
Uzburneftegaz is a monopoly involved in surveying and exploring oil and gas fields in Uzbekistan and the construction of exploration wells under contract from oil and gas sub-divisions of Uzbekneftegaz.
The company has net profit of 5,628,000 dollars in 2000 compared with 1,409,000 dollars in 1999.
The company's charter capital amounts to 13,775,000 dollars. The state owns 51 per cent of shares, the workforce - 10 per cent, and 39 per cent of shares are slated for sale to a foreign investor.
The Uzbekistani national privatization programme for 2001-2002 involves the sale to a strategic investor of 49 per cent of shares in Uzbekneftegaz, 44 per cent each in the company's subsidiaries Uztransgaz and Uzgeoneftegazdobycha and also 39 per cent of shares each in Uzburneftegaz, Uzneftepererabotka, Uznefteprodukt, Uzneftegazmash and Uzavtogaz.
An international consortium headed by BNP Paribas is the financial consultant for these privatizations.
Uzbekneftegaz produces 56bn cubic metres of gas and 8m tonnes of liquid hydrocarbons per annum.