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Mubadala and Uzbekistan sign strategic deals for energy

Mar 26, 2019
2 min read
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Mubadala Investment Company, Abu Dhabi’s strategic investment and development fund, signed agreements with the Republic of Uzbekistan, to explore future partnerships in power generation, oil and gas and renewables.

This will build on the existing strategic government-to-government relationship between the Republic and the United Arab Emirates and supporting efforts to drive efficiency and expansion in the Uzbek economy, Mubadala said.

Khaldoon Al Mubarak, CEO and managing director, Mubadala Investment Company and Sardor Umurzakov, Minister of Investments and Foreign trade to the republic of Uzbekistan signed the agreements.  

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.

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 Ministry of Investments and Foreign Trade of the Republic of Uzbekistan alongside implementing projects following the Independent Power Producer (IPP) model.

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.

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