Abu Dhabi, Uzbekistan Sign Energy Agreement

Abu Dhabi’s investment fund, Mubadala Investment Company, and government of Uzbekistan have signed an agreement to cooperate in energy related areas, including oil and gas, Mubadala Investment said March 26.

Khaldoon Al Mubarak, CEO Mubadala Investment and Sardor Umurzakov, Uzbekistan’s minister of investments and foreign trade concluded an agreement focused on three sectors: the conventional power generation, renewables and the oil and gas sectors of Uzbekistan.

The agreement includes identifying partnership and investment opportunities in the conventional power generation sector in collaboration with Uzbekenergo, the state-owned entity responsible for the generation, transmission, and distribution of power in Uzbekistan, and the ministry of investments and foreign trade of Uzbekistan alongside implementing projects following the independent power producer (IPP) model.

In oil and gas, Mubadala, via its international operating company, Mubadala Petroleum, has reached an agreement to explore potential partnership and investment opportunities in production enhancement across certain oil and gas fields in Uzbekistan, together with potential opportunities in the country’s downstream sector, including refining and petrochemicals.