KABUL: The contract for the exploration and extraction of gas at Tootimaidan in Faryab province, worth $1 billion has been signed today.
In a ceremony held on this occasion, was participated by the Deputy Prime Minister for Economic Affairs Mullah Abdul Ghani Baradar Akhund, Emirati officials and Uzbek officials, the deputy PM office said in a statement.
The contract was signed between the Ministry of Mines and Petroleum of the Islamic Emirate and representatives of Uzbek Aerial company, here in Kabul, said the statement.
According to the statement, the project worth $1 billion is planned for a duration of 10 years, with the contracting company expected to invest $100 million in the first year and a total of $1 billion over the decade.
“The Uzbek company, Aerial, is obligated to produce 100 megawatts of electricity within the first two years,” said the statement, adding that the gas reserves at Tootimaidan cover an area of 7,000 square kilometers.
The extraction of gas from this field is expected to not only meet the country’s liquefied gas needs but also create job opportunities for thousands of people.