Stock Market News

Russia to build Central Asia’s first nuclear power plant in Uzbekistan

2024.05.27 09:46

TASHKENT (Reuters) – Russia will build a small nuclear power plant in Uzbekistan, the first such project in post-Soviet Central Asia, Uzbek President Shavkat Mirziyoyev said on Monday at a meeting with visiting Russian President Vladimir Putin.

The nuclear deal, if implemented, will showcase Russia’s ability to export not only energy, but also high-tech products to new Asian markets, at a time when the West is increasing pressure on it through sanctions.

Mirziyoyev also said Tashkent was interested in buying more oil and gas from Russia, a reversal of decades-long practice where Moscow imported hydrocarbons from Central Asia.

The Uzbek president described Putin’s visit as “historic”.

“It heralds the beginning of a new age in the comprehensive strategic partnership and alliance relations between our countries,” he said.

Putin also called Tashkent Moscow’s “strategic partner and reliable ally”.

The leaders gave no details of the planned nuclear project, although Mirziyoyev’s comments indicate it has been scaled down from the one they agreed in 2017, but never finalised.

There are no nuclear power plants in any of the five ex-Soviet Central Asian republics, although Uzbekistan and its neighbour Kazakhstan, both uranium producers, have long said their growing economies needed them.

The Kazakh project, however, can only move ahead after a national referendum which has not yet been scheduled.

ENERGY SUPPLIES

Taking advantage of Russia’s campaign to redirect its gas exports to Asia amid a rift with the West over Ukraine, Uzbekistan last October started importing Russian via the same pipeline which had previously pumped it in the reverse direction.

Although its own gas production remains substantial at about 50 billion cubic metres a year, Uzbekistan struggles to fully meet domestic demand, and Russian supplies have allowed it to avert an energy crisis.

“(Gas) exports are running well ahead of schedule and we are ready to increase their volume if needed,” Putin said.

According to Mirziyoyev, Tashkent is also keen to increase imports of Russian oil.

The two leaders also said their governments were working on large projects in mining, metals, and chemicals.

© Reuters. Russian President Vladimir Putin and Uzbek President Shavkat Mirziyoyev attend a meeting in expanded format at the Kuksaroy Presidential Palace in Tashkent, Uzbekistan May 27, 2024. Sputnik/Mikhail Metzel/Pool via REUTERS

Uzbekistan, whose economy depends heavily on remittances from migrant labourers working in Russia, has maintained close ties with Moscow after it invaded Ukraine in 2022.

However, Mirziyoyev and other leaders in the region have never spoken in support of what the Kremlin calls its special military operation in Ukraine, and all countries in the region are also working with the West on projects such as cargo shipping routes designed to bypass Russia.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 86,549.19 2.55%
ethereum
Ethereum (ETH) $ 2,397.87 0.72%
tether
Tether (USDT) $ 0.999257 0.05%
xrp
XRP (XRP) $ 2.22 0.47%
bnb
BNB (BNB) $ 612.03 0.04%
solana
Solana (SOL) $ 135.30 2.37%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.203729 1.12%
cardano
Cardano (ADA) $ 0.660435 0.78%
staked-ether
Lido Staked Ether (STETH) $ 2,395.72 0.48%
tron
TRON (TRX) $ 0.226739 1.32%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 86,693.23 2.42%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,882.75 0.04%
chainlink
Chainlink (LINK) $ 15.10 2.22%
litecoin
Litecoin (LTC) $ 121.65 9.13%
sui
Sui (SUI) $ 2.92 3.60%
avalanche-2
Avalanche (AVAX) $ 21.68 2.32%
stellar
Stellar (XLM) $ 0.286703 1.52%
the-open-network
Toncoin (TON) $ 3.49 0.72%
shiba-inu
Shiba Inu (SHIB) $ 0.000014 1.41%
leo-token
LEO Token (LEO) $ 8.97 0.08%
hedera-hashgraph
Hedera (HBAR) $ 0.191368 2.56%
usds
USDS (USDS) $ 1.00 0.01%
polkadot
Polkadot (DOT) $ 4.72 6.60%
mantra-dao
MANTRA (OM) $ 7.40 4.01%
weth
WETH (WETH) $ 2,403.71 0.47%
hyperliquid
Hyperliquid (HYPE) $ 19.53 2.15%
ethena-usde
Ethena USDe (USDE) $ 0.999462 0.03%
bitcoin-cash
Bitcoin Cash (BCH) $ 289.68 2.05%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,545.57 0.62%
uniswap
Uniswap (UNI) $ 7.95 1.28%
bitget-token
Bitget Token (BGB) $ 3.78 11.20%
monero
Monero (XMR) $ 217.68 1.85%
whitebit
WhiteBIT Coin (WBT) $ 26.50 1.87%
near
NEAR Protocol (NEAR) $ 2.98 2.38%
pepe
Pepe (PEPE) $ 0.000008 2.26%
aptos
Aptos (APT) $ 5.56 2.65%
dai
Dai (DAI) $ 0.999475 0.04%
internet-computer
Internet Computer (ICP) $ 6.38 3.72%
aave
Aave (AAVE) $ 202.67 2.30%
bittensor
Bittensor (TAO) $ 359.73 1.99%
ondo-finance
Ondo (ONDO) $ 0.954923 1.11%
susds
sUSDS (SUSDS) $ 1.04 0.02%
ethereum-classic
Ethereum Classic (ETC) $ 18.61 1.55%
okb
OKB (OKB) $ 45.21 0.96%
gatechain-token
Gate (GT) $ 21.51 2.86%
mantle
Mantle (MNT) $ 0.769993 2.20%
official-trump
Official Trump (TRUMP) $ 12.76 2.85%
tokenize-xchange
Tokenize Xchange (TKX) $ 31.99 3.16%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 86,697.23 2.39%