Uzbek newspaper 'Novosti Nedeli'
November 16
he Uzbek Oil and Gas Drilling [Uzbekburneftegaz] joint-stock company
has
signed a contract with the Chinese Petroleum Technology Development
Company
to upgrade 10 drilling facilities. The contract is worth 69.7m dollars
and
will be financed from the funds of the holding company Uzbekneftegaz
[Uzbek
Oil and Gas], of which Uzbek Oil and Gas Drilling forms part. The
drilling
facilities will be upgraded in two stages.
The Cabinet of Ministers of Uzbekistan has passed a resolution determining the procedure for financing the contract. Specifically, in keeping with the terms of the contract, Uzbek Oil and Gas made advance payments of over 3.1bn dollars this year for delivery of equipment and services to carry out the first stage of the contract. The first stage of the modernization contract is worth almost 21m dollars.
It is planned to make advance payments of over 7.3m dollars in March 2002 for delivery of equipment and services to carry out the second stage of the contract to upgrade the drilling installations. The second stage of the contract is worth about 48.8m dollars.