Malaysia's state-owned Petronas oil and gas company will jettison all its hydrocarbon investments in Uzbekistan this year, a company representative has said. Meanwhile, a small company registered in an offshore tax haven is eager to ramp up its exploration projects in the Central Asian country.
"This decision by Petronas is final. The Uzbek government is now preparing documents that will make it possible to legally complete the process of exiting from upstream projects," an anonymous source at the company told Russia's RIA Novosti news agency on May 24. The move is in line with "the company's general strategy to optimize its activities in the region."
The source said that Petronas had already stepped away from production-sharing agreements on two projects: a gas condensate field on the Ustyurt Plateau adjacent to the Aral Sea and the Boysun oil and gas field in the Uzbekistan's south. These PSAs were signed between 2008 and 2010, RIA Novosti said.
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