CNPC to develop oil and gas in Uzbekistan

May 16, 2005
Chinese National Petroleum Co. (CNPC) plans to invest $600 million in oil and gas development in Uzbekistan, according to a senior manager of state-owned Uzbekneftegaz.

Eric Watkins
Senior Correspondent

LOS ANGELES, May 16 -- Chinese National Petroleum Co. (CNPC) plans to invest $600 million in oil and gas development in Uzbekistan, according to a senior manager of state-owned Uzbekneftegaz.

Shavkat Majidov told a news conference in Tashkent that the project would involve a 50-50 joint venture between CNPC and Uzbekneftegaz, with authorized capital of $96 million, to extract "liquid hydrocarbons" from hard-to-reach deposits.