Abu Dhabi: Mubadala Investment Company will boost cooperation with the Republic of Uzbekistan in various sectors including conventional power generation, renewables and oil & gas, building on the existing strategic government-to-government relationship between the central Asian republic and the UAE.

Khaldoon Al Mubarak, CEO and managing director of Mubadala Investment Company, and Sardor Umurzakov, Uzbekistan’s Minister of Investments and Foreign Trade, concluded an agreement focused on the three sectors. The agreement seeks to support efforts to drive efficiency and expansion in the Uzbek economy, according to a statement from Mubadala on Tuesday.

The agreement includes identifying partnership and investment opportunities in the conventional power generation sector in collaboration with Uzbekenergo, the government-owned entity responsible for the generation, transmission, and distribution of power in Uzbekistan, and Uzbekistan’s Ministry of Investments and Foreign Trade.

In oil and gas, Mubadala, via its international operating company, Mubadala Petroleum, has reached an agreement to explore potential partnership and investment opportunities in production enhancement across certain oil and gasfields in Uzbekistan, together with potential opportunities in the country’s downstream sector, including refining and petrochemicals.

Official documents were also exchanged pertaining to agreements between Mubadala’s Abu Dhabi Power Corporation (Masdar), JSC Uzbekenergo and the Ministry of Investments and Foreign Trade to pursue renewable energy projects in the Asian nation.

“With Mubadala’s track record in development and investment, the company’s global networks and partnerships, together with its experience in structuring and financing investments, will see a range of opportunities for value creation and continued partnership,” Mubadala said.