"An agreement has been signed between Uzbekistan and Azerbaijan’s state oil company SOCAR, for geological exploration in the Ustyurt region. Additionally, a joint trading company has been established. Efforts are also underway to organize the production of chemical reagents and oil and gas equipment in Uzbekistan, with an investment of $8.1 million, and to explore participation in upstream projects in Azerbaijan," the source shared.
The source further noted that discussions are ongoing to explore solar energy generation and sales by the industrial enterprise FAS Energy, a venture of the Uzbek-Azerbaijani Investment Company, with an estimated value of $150 million. Plans are also in place for the modernization and reconstruction of three 110 kV substations in the Fergana, Khorezm, and Tashkent regions, under a project by Azenco, worth $8 million.
Uzbekistan is actively modernizing and expanding its energy infrastructure. In recent years, large-scale projects valued at $5.9 billion have been commissioned. The country is also working on 28 renewable energy projects with a combined capacity of 6.3 gigawatts, with the first seven projects, totaling 2.6 gigawatts, launched in 2023.
Meanwhile, Azerbaijan boasts substantial oil and natural gas reserves, particularly in the Caspian Sea region. The country has also been ramping up investments in renewable energy development in recent years.
AzVision.az
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