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PROSPECTS FOR COOPERATION IN THE OIL AND GAS INDUSTRY

On August 8, a meeting with the delegation led by the Chairman, President and Chief Executive Officer of the American company Air Products Seifi Ghasemi was held at “Uzbekneftegaz” JSC.
 
At the event, issues of investing in projects implemented in the oil and gas industry of Uzbekistan were discussed.
 
Cooperation with Air Products is beneficial not only for Uzbekistan, but also for the whole region. It was noted that the company decided to continue investing in four priority countries of the world – China, Saudi Arabia, the Russian Federation and Uzbekistan, which are the most promising, profitable and reliable for foreign investors. To determine this list, an independent audit of promising countries of the world was conducted with the assistance of the consulting company Macro-Advisory.
 
Based on the results of this audit, due to large-scale changes covering all areas of comprehensive development and renovation of the country, including in the area of business support and assurance, protection of the rights of entrepreneurs and investors, financial and judicial-legal systems, introduction of mechanisms on combating corruption, Uzbekistan is recognized among the most promising countries for investments not only in the region, but in the whole world.
 
Seifi Ghasemi stated that Air Products is interested in long-term direct investments in Uzbekistan and a full-fledged presence in the market. The readiness of the company to invest in projects in various sectors, including oil and gas, chemical, pharmaceutical and metallurgical, as well as interest in the project on production of polymers from natural gas, was expressed. In addition, issues of organizing production of industrial gases for the needs of various industries and exports to neighboring countries are being studied.
 
The head of the American company also offered to organize a meeting of top managers of the leading oil and gas companies Total, British Petroleum, SOCAR, UOP Honeywell and others in Uzbekistan.
 
Following the results of the meeting, an agreement was reached on establishment of a joint working group for implementation of projects in the oil and gas, chemical and metallurgical industries and preparation of concrete proposals on cooperation within two months. The group will include representatives of Air Products and enterprises of the fuel and energy complex of Uzbekistan.