MOSCOW, June 21 (RIA Novosti) - Gazprom [RTS: GAZP] and Uzbekneftegaz have finalized an agreement to start geological surveying in the Central Asian country, the Russian energy giant's press service said Wednesday.
The press service said the two companies were expected to approve a program for geological surveying of the Ustyurtky oil and gas deposits for 2006-2011, with investment to hit $260 million in the next three years.
Gazprom Deputy CEO Alexander Ryazanov said the agreement was an important step towards "signing a production sharing agreement between Gazprom and the Uzbek government."
He also said Gazprom's investments would boost the economic development of the Ustyurtsky Region, and strengthen Uzbekistan's export potential.
Implementation of the agreement would increase Uzbekistan's exports by 8-9 billion cu m of natural gas a year, Gazprom's press service said.
