Head of Tethys Petroleum Upbeat on Ties with Uzbekistan

The board of directors of famous British-Canadian company Tethys Petroleum Limited that specializes in oil and gas production as well as in rehabilitation of existing fields has decided to hold [the board's] next session in Uzbekistan. The decision is unprecedented in the company's history, which has been operating in the field of oil and gas in many countries of the world, including on the territory of the CIS, for many years.

In several months of its work at the Uzbek oil field of Northern Ortabuloq, the company achieved a significant increase in production due to its [oil field's] modernization; and it intends to further increase the output by introducing new technologies in the future, Jahon news agency reports.

"Despite working in Uzbekistan for a short time, we see your country as highly promising in terms of developing cooperation," says Dr. David Robson, who is the chairman, president and executive director of the company.

"Firstly, political stability and predictability stemming from it are of great significance for any business. Secondly, it makes one optimistic that the country's economy is developing and demonstrating a stable growth even in the conditions of the world financial and economic crisis.

"By holding the board's session in Uzbekistan for the first time in the history of the company, we would like to emphasize once again our strict adherence to cooperation with the country that plays a key role in the very important region of the world. Uzbekistan does not only have great energy potential. In the years of independence, it has also managed to create legislative basis and institutional conditions for attracting foreign investments, including in the field of production and processing of crude hydrocarbons.

"During the session, the board of directors is planning to consider a strategy for further development as well as the opportunity to expand the raw material base and carry out geology and exploration work in Uzbekistan. Tethys Petroleum Limited is ready to offer Uzbek partners not only up-to-date technologies but also unique skills and experience as well as new investments.

"We are also planning to familiarize ourselves with the country, its potential and opportunities in depth. The board of directors consists of highly professional specialists in this field, managers and political figures.

"We hope that the annual session of the board of directors in Uzbekistan will make it possible to define the clear objectives of mutually beneficial cooperation for strategic future," Dr. David Robson concluded.

BBC Monitoring. Copyright BBC.