Uzbek President approves agreement with Japan on uranium exploration
08/07/2013 12:41
Uzbek President approves agreement with Japan on uranium exploration
08/07/2013 12:41
Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Islam Karimov approved agreement with Japan on holding geological exploration of uranium in Navoi region of Uzbekistan, RIA Novosti reported quoting source in the Uzbek government.
Japan’s JOGMEC received a right to conduct geological exploration in Uzbekistan. The agreement signed for five years and JOGMEC will conduct exploration works at Juzyukuduk and Tamdykukuduk-Tulyantash perspective fields and develop revealed fields of uranium.
According to the agreement, the foreign investor will direct US$3 million to exploration works in the first year and if they is further interest in development, the investor will continue exploration works.
The Japanese side will pay a compensation if it fails to carry out planned works in the first year. The Uzbek companies also received a primary right to supply goods and services during exploration works. Investor has right to attract Japanese specialists.
If the Japanese side finds uranium, it will receive primary right to hold talks and sign agreement with Uzbekistan on product sharing agreement.
The Japanese investor will hand over information to Uzbek side on revealed natural resources, except uranium, and will not pretend to these fields.
JOGMEC also received tax preferences and will not pay customs duties to imported equipment within five years.
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