Abu Dhabi, Mar. 18, 2008 (WAM) -- The International Petroleum Investment Company (IPIC) signed two MoUs today with Uzbekistan's Oil&Gas and Chemical Companies to set up joint venture projects in the Republic of Uzbekistan.

The MoUs were signed in the presence of Mr. Elyor Ganiev, Minister of Foreign Economic Relations, Investment and Trade of Uzbekistan.

Mr. Khadem Al Qubaisi, the Managing Director of IPIC, said these MoUs are the first signed between companies from the Republic of Uzbekistan and the Government of Abu Dhabi, adding that the agreements are the first step towards establishing mutually beneficial relations between IPIC & the Uzbek companies.

The first MoU was signed with the National Holding Company "Uzbekneftegaz" in relation to three major Oil & Gas projects, including production of synthetic fuels by GTL process. The second MoU was signed with State Joint-Stock Company, "Uzkimyosanoat", and the "Fund of Reconstruction & Development of Uzbekistan" to jointly study establishing a fertilizers plant in Uzbekistan.

IPIC, Uzbekneftegaz, and Uzkimyosanoat have agreed to exchange expertise and projects related information for further development and mutual cooperation.

Article originally published by WAM (Emirates News Agency)