"While signing the memorandum, the Uzbek side took into account that SOCAR has necessary expertise, equipment and technologies for this project implementation," the representative said.
The representative said that according to the memorandum, the Azerbaijani company will initially conduct the comprehensive energy audit of Uzbekneftegaz’s enterprises. Proceeding from the results of the energy audit, the sides will determine the parameters of the project during the negotiation process.
"We hope that the founding documents of the joint venture implementation will be signed in summer 2016," the source said.
It was previously reported that Uzbekneftegaz plans to transfer up to $500 million to finance the energy-saving technologies by 2030. The energy saving potential is estimated at 2.5 billion cubic meters of natural gas annually while implementing these technologies.
Uzbekneftegaz’s capacity allows producing 70 billion cubic meters of natural gas and eight million tons of liquid hydrocarbons annually.
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