Uzbekneftegaz said that the document was inked after the talks between management of Uzbekneftegaz and Petronas President and CEO Datuk Shamsul Azhar Abbas.

During the meeting, the sides expressed satisfaction with achieved level of cooperation. The sides discussed works on joint projects and determined measures on further development of them.

As earlier reported, the agreement was approved by the resolution of the Uzbek president “On conducting exploration works at Baisun investment block in Surkhandarya region of Uzbekistan with development of hydrocarbons on the base of product sharing agreement with PETRONAS Carigali Overseas Sdn.Bhd”.

The document was adopted in order to increase extraction and export of hydrocarbons through attraction of foreign direct investments and special advanced technologies to conducting geologic exploration works, development and mining hydrocarbons.

The resolution also was adopted to implement presidential resolution from 2 May 2008 “On measures on further cooperation with PETRONAS corporation in geologic exploration works, development and field construction and development of oil and gas chemical industry”.

Earlier, it was planned that the product-sharing agreement would be signed for 35 years. The volume of gas production within the agreement will make up 2.2 billion cubic meters, while the project cost is US$660 million.

Malaysian companies invested about US$80 million to exploration programme in Baisun investment block in three years (2006-2008).