India to Undertake gas exploration in Uzbekistan

Uzbekistan has agreed to open technical talks with GAIL for enabling the Indian company to start exploration activity in natural gas in the gas-rich Central Asian country . This materialised after meetings between the Prime Minister of Uzebekistan, Mr. Savkit Mirziyayev and the visiting Minister of State for Commerce, Shri Jairam Ramesh on April 13, 2007 at Tashkent. India has also offered to help establish a training institute for gas technology in Tashkent, along the lines of the Jawaharlal Nehru IT Centre in the Uzbek capital that was inaugurated by the Prime Minister, Dr. Manmohan Singh last year. GAIL has identified 4 specific blocks for gas exploration. So far Russia, China and South Korea have invested in gas exploration in Uzbekistan.

Shri Jairam Ramesh was accompanied in his meetings with the Prime Minister of Uzbekistan and other senior ministers by Shri Mukund Chaudhury, Managing Director of Spentex Industries Ltd which has recently invested $ 81 million in cotton spinning and yarn in Uzbekistan. A further investment of $ 40 million is planned by Spentex Industries Ltd over the next two years. The Uzebk Prime Minister appreciated the operations of Spentex Industries Ltd and expressed Uzbekistan's keenness for similar investments by Indian companies in pharmaceuticals and leather. Shri Jairam Ramesh promised to talk to Indian companies in this regard soon.

Shri Jairam Ramesh also conveyed to the Uzbek Prime Minister, India's interest in exploring for gold in gold-rich Uzbekistan since India is now the world's largest importer of gold. The Uzbek government has agreed to consider a proposal from MMTC / National Mineral Development Corporation (NMDC) for gold exploration but wants this proposal to include value-addition investments in Uzebekistan itself, like in gold jewellery. MMTC and NMDC will now formulate a proposal for submission to the Uzbek government in the next 30 days.

The Uzbek Prime Minister underscored the special cultural and political relationship that exists between India and Uzbekistan. He also mentioned the great personal regard and respect that the President of Uzbekistan has for Dr. Manmohan Singh whom he has known personally for over a decade and a half. He felt that the time was now ripe for taking the bilateral economic relationship to a whole new level and that Shri Jairam Ramesh's visit will contribute significantly to this.

Source : Press Information Bureau

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