Polish company Glinik Drilling Tools plans an investment project to produce drilling equipment in Uzbekistan. This project was discussed during a meeting between Uzbekistan's Ambassador Amirsaid Agzamkhodjaev and Glinik's President Wojciech Tomkiewicz.
Tomkiewicz stated that he is ready to establish a joint venture in Uzbekistan. Agreements were made to explore the joint venture with Uzbekistan’s Ministry of Mining and Geology, Navoi Mining and Metallurgical Company, and Almalyk Mining and Metallurgical Combine. Plans were also made to organize a visit of Glinik's delegation to Uzbekistan.
Uzbekneftegaz, Uzbekistan's national oil and gas company, and Russia's Gazprom launched a new drilling control centre. This centralized organizational and digital management system aims to reduce the duration of drilling wells by 45% and decrease construction costs by 3%.
The new system will save between UZS 4 and 10 bn (approximately $316,702 to $791,756) per well. This initiative aims to improve operational efficiency and reduce costs in Uzbekistan's drilling industry.
Fitch Ratings affirmed Almalyk Mining and Metallurgical Complex's long-term issuer default rating (IDR) at 'BB-' with a stable outlook. Almalyk's rating is equalised with that of its sole parent, Uzbekistan (BB-/Stable), reflecting the strong ties between the company and the state. Fitch's government-related entities rating criteria highlight the close relationship between Almalyk and Uzbekistan.
Investments in Uzbekistan's mining sector reached UZS 36.3 trillion ($2.9 bn) in 2M24, according to the State Statistics Agency. During this period, sectoral enterprises produced goods worth UZS 10.2 trillion ($803.8 mn), reflecting a 20% increase from the same period the previous year.
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