Uzbekistan’s state oil and gas company Uzbekneftegaz has signed a long-term cooperation agreement with US-based Cargill to strengthen Uzbekistan’s energy security.
The agreement was signed by UNG Overseas, the international trade and investment subsidiary of Uzbekneftegaz, and Cargill.
Under the agreement, the two companies agreed to attract long-term financing of up to $3 billion, with the possibility of increasing the total to $5 billion.
The financing aims to improve Uzbekistan’s energy security, improve resource sustainability and support the country’s sustainable development initiatives.
It will target projects that improve the reliability, efficiency and sustainability of Uzbekistan’s energy, water management and ecological systems.
This agreement is also expected to address growing energy consumption in Uzbekistan, the impact of climate change and the need for industrial modernization.
UNG Overseas will coordinate strategic activities with global partners, while Cargill will offer practical solutions, leveraging its global experience in structured finance.
In addition to long-term energy sustainability, the partnership is expected to facilitate the mobilization of international investments in Uzbekistan’s priority sectors.
Headquartered in the United Arab Emirates, UNG Overseas connects Uzbekistan’s energy sector to global markets. It focuses on trade, investment and partnerships in the oil, gas and petrochemical sectors.
In October this year, Uzbekistan announced a series of new agreements in the energy sector with American companies, with a combined value of more than $4 billion.
The government formalized multiple agreements with the American industrial gases company Air Products to advance Uzbekistan’s greener energy transition.
Air Products will promote the construction of a petrochemical complex in Bukhara and support the development of coal gasification and the refining of clean jet fuel.
In 2023, Air Products signed a $1 billion deal to purchase, own and operate a natural gas-to-syngas processing unit in Uzbekistan.
“Uzbekneftegaz and Cargill sign agreement to boost Uzbekistan’s energy security” was created and originally published by Offshore Technology, a brand owned by GlobalData.
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