BAKU, Azerbaijan, October 21. Uzbekistan and
Azerbaijan are set to embark on important vitality initiatives, a
well-informed supply instructed Development.
“An settlement has been signed between Uzbekistan and
Azerbaijan’s state oil firm SOCAR, for geological exploration in
the Ustyurt area. Moreover, a joint buying and selling firm has been
established. Efforts are additionally underway to arrange the manufacturing
of chemical reagents and oil and gasoline gear in Uzbekistan, with
an funding of $8.1 million, and to discover participation in
upstream initiatives in Azerbaijan,” the supply shared.
The supply additional famous that discussions are ongoing to discover
photo voltaic vitality technology and gross sales by the commercial enterprise FAS
Vitality, a enterprise of the Uzbek-Azerbaijani Funding Firm, with
an estimated worth of $150 million. Plans are additionally in place for the
modernization and reconstruction of three 110 kV substations within the
Fergana, Khorezm, and Tashkent areas, below a venture by Azenco,
price $8 million.
Uzbekistan is actively modernizing and increasing its vitality
infrastructure. In recent times, large-scale initiatives valued at
$5.9 billion have been commissioned. The nation can be engaged on
28 renewable vitality initiatives with a mixed capability of 6.3
gigawatts, with the primary seven initiatives, totaling 2.6 gigawatts,
launched in 2023.
In the meantime, Azerbaijan boasts substantial oil and pure gasoline
reserves, significantly within the Caspian Sea area. The nation has
additionally been ramping up investments in renewable vitality improvement in
current years.
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