Prime Minister of Uzbekistan Shavkat Mirziyayev signed a resolution of the Cabinet of Ministers “On measures on ordering mechanisms of payment of the government expanses within the realization of Product Sharing Agreement (PSA) in relation to Urga, Kuanish and Akchalak deposits of Ustyurt region group in Uzbekistan”.

Within the realization of the PSA between Uzbekistan and Petronas Carigali Overseas Sdn.Bhd., it is planned that foreign investor will compensate expenses of Uzbek Government for US$50 million stage by stage.

In line with the resolution, 50% of money, received within the PSA, will be directed to the State Budget of Uzbekistan. Uzbekneftegaz national holding company will receive the second part and it will use it to develop oil and gas industry in coordination with Ministry of Economy and Ministry of Finance of Uzbekistan.

Uzbekneftegaz and Petronas Carigali Overseas Sdn. Bhd. signed product sharing agreement in relation to Urga, Kuanish and Akchalak deposits of Ustyurt region group in Uzbekistan on 13 May 208.

According to preliminary data, hydrocarbons reserve at the deposits rated at 700 million cubic meters. Malaysian company is planning to invest US$450 million to the project, including US$100 million in 2010.