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Thursday, 31 August 2006

SOUTH KOREA JOINS UZBEK GAS CONSORTIUM

Published in News Digest

By empty (8/31/2006 issue of the CACI Analyst)

South Korea and Uzbekistan have signed a production sharing agreement that gives South Korea\'s state-run Korea National Oil Corp. (KNOC) a 20-percent stake in an international consortium to develop gas resources on the Aral Sea, Yonhap reported on August 30. Other members are state-owned oil and gas company Uzbekneftegaz, Russia\'s LUKoil Overseas, Malaysia\'s Petronas, and China National Petroleum Corporation.
South Korea and Uzbekistan have signed a production sharing agreement that gives South Korea\'s state-run Korea National Oil Corp. (KNOC) a 20-percent stake in an international consortium to develop gas resources on the Aral Sea, Yonhap reported on August 30. Other members are state-owned oil and gas company Uzbekneftegaz, Russia\'s LUKoil Overseas, Malaysia\'s Petronas, and China National Petroleum Corporation. Consortium members will put up $100 million for exploratory drilling over the next three years. Production on the field, which is believed to contain 8 trillion cubic feet of natural gas, will not start until 2012. (ITAR-TASS)
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