Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (5142)	7/18/2005 2:12:55 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China's Sinopec to invest in Uzbek fields JUL. 18 11:38 A.M. ET Chinese oil firm Sinopec plans to invest US$106 million (euro87.8 million) dollars in exploration and extraction in Uzbekistan, a senior official with the Uzbek state oil and gas company said Monday. Under an agreement signed between Uzbekneftegaz and Sinopec, the Chinese company will invest US$50 million (euro41.41 million) into rehabilitating fields in the eastern Andijan and Namangan provinces, Uzbekneftegaz first deputy chairman Shavkat Majidov said. He was speaking on the first day of an Uzbekistan-China forum in Tashkent attended by Chinese Vice Premier Wu Yi. Advertisement An additional US$56 million (euro46.4 million) will be invested in exploration in the same areas, and a joint venture would be formed in the next three months to implement the project, Majidov said. China, which has forged close ties with Uzbekistan's authoritarian President Islam Karimov, is keen to tap into Central Asia's vast energy resources to feed its booming economy. In May, Uzbekneftegaz signed a deal to set up a joint venture with Chinese oil company CNPC worth US$600 million (euro497 million) to explore oil fields in the western Bukhara and Kivia regions. The Uzbek government has said it plans to attract US$385 million (euro319 million) dollars to implement 12 oil and gas projects before 2007 from China's Eximbank. businessweek.com