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Economy
26/04/2010
CNPC to invest US$211.7 million to Mingbulak project
CNPC to invest US$211.7 million to Mingbulak project
Tashkent, Uzbekistan (UzDaily.com) --
China National Petroleum Corporation (CNPC) will invest US$211.7 million in 2010-2014 to exploration works and experimental-industrial extraction of hydrocarbons in Mingbulak field (Namangan region of Uzbekistan).
President of Uzbekistan Islam Karimov signed a resolution, which approved scheme and order of project financing.
CNPC and Andijanneft OJSC, part of Uzneftegazdobicha created a joint venture Mingbulakneft. The venture is operator of the project and its announced charter capital is US$3 million.
All extracted oil from Mingbulak field will be processed at the oil processing plants in Uzbekistan, gazeta.uz reported.
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