Temasek plans $1.5 billion in outlays for Uzbekistan

Feb. 2, 2007
Singapore's Temasek Holdings plans to invest $1.5 billion in Uzbekistan's oil and gas industry, according to Uzbek officials.

Eric Watkins
Senior Correspondent

LOS ANGELES, Feb. 2 -- Singapore's Temasek Holdings plans to invest $1.5 billion in Uzbekistan's oil and gas industry, according to Uzbek officials.

Uzbekneftegaz executive Nurmukhamed Akhmedov said the state-owned firm made proposals to Temasek on five investment projects during a state visit to Singapore by Uzbek President Islom Karimov.

Akhmedov said the Uzbekneftegaz proposals included projects to make synthetic diesel fuel and to expand the polyethylene production capacities at the Shurtan gas-chemical complex. He said talks with Temasek will be continued this year.

During Karimov's visit to Singapore, Oil Tech E&P and Uzbekneftegaz also signed a memorandum on cooperation to improve oil production at older Uzbek oil fields.

Contact Eric Watkins at [email protected].