Uzbekistan, Lukoil ratify $1B deal

Associated Press Nove,ber 24 Uzbekistan and Russian energy giant Lukoil ratified on Wednesday a 35-year deal to invest US$1 billion (euro760 million) in an Uzbek gas field. The production-sharing agreement on the Kandym-Hauzak-Shadi field in central Bukhara province was announced earlier this year. Uzbek Deputy Prime Minister Rustam Azimov, Uzbek national oil company Uzbekneftegaz head Abdusalom Azizov and Lukoil President Vagit Alekperov signed the ratifying document Wednesday in the Uzbek capital, Tashkent. Under the terms of the deal, Lukoil will own 90 percent of the new venture, with Uzbekneftegaz holding the remaining 10 percent. The field's natural gas reserves are estimated at 283 billion cubic meters (9.9 trillion cubic feet), Lukoil said in a statement. The company earlier said it plans to invest US$200 million (euro152 million) through 2007 and another US$500 million (euro380 million) to 2010 at the field.