OREANDA-NEWS. December 30, 2008. Daewoo International corporation is planning to invest in geological exploration works in Ustyurt oil and gas region of Uzbekistan in 2009-2011, reported the Official website www.investuzbekistan.uz.

The national holding company Uzbekneftegaz and Daewoo International signed a protocol on introducing into force the agreement on geological exploration works at Koskudyk and Ashibulak investment blocks (25 February 2008).

In accordance with the document, the South Korean company has been granted the right to conduct geological exploration works on the contract field during five years. Earlier, all preliminary conditions of the agreement had been implemented, and an operator in Uzbekistan was created and registered.

The 2009 investment program stipulates that the minimal volume of Daewoo International’s investments in geological exploration will make up USD 40 million during three years.

Apart from Daewoo, a number of other South Korean companies plan to participate in the fuel and energy sector of Uzbekistan. Thus, recently Uzbekneftegaz and DongHo ENC signed a memorandum of understanding in introducing latest technologies in gas distribution.

Earlier, Uzbekneftegaz inked an agreement with Korean National Oil and Gas Corporation (KNOC) on geological exploration works in Chust-Pap and Namangan-Tergachi investment blocks in Farghona oil and gas region.