18 May 2016 15:53

Uzbekistan, Lukoil poised to sign supplement to Kandym PSA

TASHKENT. May 18 (Interfax) - Lukoil will sign a supplement to the production-sharing agreement (PSA) for its Kandym project in Uzbekistan on Wednesday, Uzbekneftegaz, Uzbekistan's state oil and gas holding, told Interfax.

"The supplement amends the economic parameters of the PSA and provide the Russian company with more favorable terms for implementing it," the holding said.

The terms of the supplement were not specified.

The agreement will be signed during the Oil & Gas Uzbekistan (OGU) exhibition, which opened in Tashkent on May 18.

Lukoil chief Vagit Alekperov told reporters at the end of April that Uzbekistan had agreed to amend the PSA. "The IRR is now set at 14%, but it used to be below 10%, according to the situation," he said.