British company is interested in investing into Uzbekistan

The Board of Directors of the well-known British-Canadian company “Tethys Petroleum Limited”, which carries out the activity on oil and gas  exploration and production, as well as the rehabilitation of the existing fields, made a decision to hold its Board meeting in Uzbekistan on September 12-14, 2009. This decision is unprecedented in the history of the company, which operates for many years in oil and gas sector in the CIS countries, namely Russia, Ukraine, etc.

Within several months after commencement of the work in North Urtabulak oilfield in Uzbekistan the company has achieved a considerable increase in the production through its modernization, and intends to further increase the production through introduction of modern technologies.

Dr. David Robson, the Chairman, President and Chief Executive Officer of “Tethys Petroleum Limited” commented: “Though we started our activity in Uzbekistan just recently, we consider your country as highly prospective in the sense of development of cooperation. Firstly, the political stability in the country and therefore predictability are very important for any kind of the business. Secondly, it is very optimistic that even in times of the world economic crisis the economy of the country is developing and demonstrates a stable growth.

Holding the first ever meeting of the Board of Directors in Uzbekistan we would like to stress our solid commitment to cooperation with the country, which plays a key role in the major region of the world. Uzbekistan not only possesses a huge energy potential, but also succeeded during the independence years in creation of the legal basis and institutional conditions for attraction of the foreign investments into the sphere of production and processing of hydrocarbons”.

During the meeting the Board of Directors intends to consider the strategy of further development, including possibility of expansion of resource base and carrying out exploration activities in Uzbekistan. “Tethys Petroleum Limited” is ready to offer its Uzbek partners not only the most modern technologies, unique knowledge and experience, but also new investments into Uzbekistan.

During the visit to Uzbekistan, members of the Board of Directors are willing to make up their own opinion of the country, its potential and capabilities. The Board of Directors composed of highly professional specialists of this sphere, managers, as well as statesmen.

The company hopes that the annual meeting of the Board of Directors in Uzbekistan will help to define the clear objectives of mutually beneficial cooperation for strategic prospects.

11 September 2009, London