UAE, Uzbekistan boosting power generation, renewables, oil and gas ties

WAM -- Mubadala Investment Company, Abu Dhabi’s strategic investment and development fund, has exchanged a set of strategic agreements with the Republic of Uzbekistan, in which future partnerships can be explored across three key strategic sectors; the conventional power generation, renewables, and the oil and gas sectors of Uzbekistan’s economy.

This will build on the existing strategic Government-to-Government relationship between the two countries, seeking to support efforts to drive efficiency and expansion in the Uzbek economy.

Khaldoon Al Mubarak, CEO and Managing Director of Mubadala, and Sardor Umurzakov, Minister of Investments and Foreign trade of Uzbekistan, signed the agreement.

The agreement includes identifying partnership and investment opportunities in the conventional power generation sector in collaboration with Uzbekenergo, the Government-owned entity responsible for the generation, transmission, and distribution of power in Uzbekistan, and the Uzbakistan's Ministry of Investments and Foreign Trade alongside implementing projects following the Independent Power Producer model.

In oil and gas, Mubadala, via its international operating company, Mubadala Petroleum, has reached an agreement to explore potential partnership and investment opportunities in production enhancement across certain oil and gas fields in the Republic, together with potential opportunities in the country’s downstream sector, including refining and petrochemicals.

Official documents were also exchanged today pertaining to agreements between Mubadala’s Abu Dhabi Power Corporation, Masdar, JSC Uzbekenergo, and the Ministry of Investments and Foreign Trade to pursue renewable energy projects in Uzbekistan .

With Mubadala’s track record in development and investment, the company’s global networks and partnerships, together with its experience in structuring and financing investments, will see a range of opportunities for value creation and continued partnership.