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Monday, 21 July, 2008, 00:40 GMT | more prices >>

IPIC takes slice of Uzbek pie

By Upstream staff

Abu Dhabi government-owned International Petroleum Investment Company (IPIC) has signed memorandums of understanding with Uzbekistan's state-run UzbekNefteGaz to set up an energy joint venture in the Central Asian nation, according to local media reports.

United Arab Emirates state news agency WAM said IPIC and UzbekNefteGaz have signed up to work together on oil and gas projects including the production of synthetic fuels at a gas-to-liquids plant.

WAM gave no details on IPIC's potential investment in Uzbekistan.

IPIC is rapidly expanding in the international oil and gas sectors. The company invests in oil and gas related assets for the Abu Dhabi government, which controls more than 90% of the oil reserves in the United Arab Emirates.