Uzbekistan, Azerbaijan to accelerate joint oil and gas projects
Further goals have been identified to expand oil and gas cooperation between Uzbekistan and Azerbaijan and to accelerate the implementation of joint investment projects, UzA reported.
This was discussed at a meeting in Baku between the Minister of Energy of Uzbekistan, Sherzod Khodjayev, the Minister of Investment, Industry and Trade, Laziz Kudratov, and the President of SOCAR, Rovshan Najaf.
During the meeting, special emphasis was placed on implementing the tasks identified during the meetings between the two countries' leaders held on August 23-24 this year. The importance of translating the initiatives of the heads of state into practical results and turning agreements in the energy sector into concrete projects was highlighted. It was emphasized that the Treaty of Eternal Friendship signed between the Republic of Uzbekistan and the Republic of Azerbaijan marked a new stage in the development of bilateral relations.
The parties discussed issues related to developing a network of gas stations in Uzbekistan, as well as the progress and acceleration of geological exploration on investment blocks in Ustyurt.
Additionally, the parties discussed expanding cooperation between SOCAR and Uzbekistan companies, including joint investment projects. They also addressed topics such as increasing refining capacity and import operations for crude oil and petroleum products.
Following the talks, the parties outlined additional measures to facilitate the prompt and successful execution of the agreements, quickly address current challenges, and speed up progress on joint projects.
As previously reported, Uzbekistan’s Central Bank decided to keep the base rate at 14%.
