Russia’s LUKoil has set up a special marketing company, Lukoil Overseas Supply & Trading Ltd., to keep in line with the terms of a production-sharing agreement under the Qandim-Hauzak-Shodi-Qongirot project.

The company’s goal is ensuring the sale of oil and gas being produced as part of the project at maximum profitable prices for the participants in the agreement -- the Uzbek government, Lukoil Overseas and the Uzbekneftegaz national holding company, according to Uzbek newspaper Biznes-Vestnik Vostoka.

The company’s tasks are conducting marketing surveys and holding negotiations with potential customers, concluding and fulfilling agreements on the sale of the products, managing commodity and money flow and joint bank accounts as well as sharing profits received from the sale between the participants in the agreement.

The first sale of the raw materials is planned for the end of the year and will be synchronized with the launch of the Hauzak gas facility in the southern Buxoro Region. Overall volume of the natural gas being produced there will be exported abroad through the main network of the Gazprom joint-stock company. The initial export volume of gas will be up to 3 billion cubic meters annually.