TASHKENT, July 16 (AFP) - Russia's Soyuzneftegaz has taken control of Uzbek oil and natural gas producer UzPEC from the British group Trinity Energy, UzPEC president Nikolai Klinchov said on Friday.
Soyuzneftegaz gained a controlling stake in the company -- whose reserves in south and west Uzbekistan are estimated at at least 85 billion cubic metres (three trillion cubic feet) of natural gas -- for an undisclosed sum, Klinchov said.
The deal comes as Russia works to regain influence in this former Soviet republic's oil and gas sector after a period of rocky relations.
In 2001 Trinity Energy became the first Western company to sign a production sharing agreement in Uzbekistan's energy sector -- despite ongoing Western concerns about the country's economic and political climate.
The British firm was sidelined after it fell behind in implementing investments due to total 200 million dollars (160 million euros) over the first five years of the project, Klinchov said.
"We have just finalised investment plans for 2004 to 2006 that are expected to be very productive," Klinchov told AFP.