Uzbekistan and Japan Sign $8.5 bln Deals
Monday 26 October 2015
PARIS (Reuters) — Japan and Uzbekistan signed deals worth more than $8.5 bln on Sunday, including investment to explore new hydrocarbon reserves in the central Asian nation, Uzbek President Islam Karimov said after meeting visiting Japanese Prime Minister Shinzo Abe. Japan will finance around $5 bln of those deals, which also cover communications and transport projects, Karimov said.
One of the projects will see Japan Oil, Gas and Metals National Corporation (JOGMEC) explore new hydrocarbon reserves jointly with Uzbek state oil and gas company Uzbekneftegaz. Uzbekistan has already announced plans to increase production of natural gas, although it has not disclosed how much it actually produces currently.
Another project will modernise a heating power plant generating electricity for the Uzbek capital Tashkent. Japanese firms will also build an ammonia and carbamide plant at Uzbek chemical company Navoiazot’s site.
Before Sunday’s deals, Japan had provided a total of around $3.5 bln in development aid and loans to various sectors of Uzbekistan’s economy, Karimov said.