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Uzbekistan bets on China as prime export market

A difficult investment and political climate has held back Western investors

Uzbekistan harbours ambitions to triple gas production to 66 billion cubic metres a year (cm/y) by 2020 and stem declining oil production. That will need considerable finance and expertise to achieve, especially for a government that has so far only allowed limited foreign direct investment in energy projects. Despite sizeable hydrocarbons reserves, Uzbekistan’s strategy, for much of the period following the break up of the Soviet Union, has been for state energy company Uzbekneftegaz to target oil and gas production for the domestic market. Around 80% of gas produced is consumed within Uzbekistan, with around half of the rest going to Russia. Almost all oil production has been consumed

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