Russia and Uzbekistan Interested in Investing in Afghanistan’s Oil and Gas

Last Updated on May 24, 2024 2:45 pm

The Ministry of Mines and Petroleum states that major companies from Russia, Kazakhstan, and Uzbekistan have shown interest in investing in the country’s oil and gas mines.

Homayoon Afghan, spokesperson for the ministry, says they welcome foreign companies to invest in Afghanistan’s oil and gas mines.

According to Mr. Afghan, recently two large Russian and Uzbek companies have expressed interest in investing in Afghanistan’s oil and gas mines.

The spokesperson for the Ministry of Mines and Petroleum said: “Interest from Central Asian companies in Afghanistan’s oil and gas sector has greatly increased. Recently, we had meetings with Uzbek companies. The Ministry of Mines and Petroleum has announced several oil and gas sites for attracting investments, including the Herat oil and gas fields.”

Meanwhile, the Chamber of Commerce and Investment also considers attracting foreign investment in Afghanistan’s oil and gas mines crucial.

Khan Jan Alokozay, a member of the leadership board of the Chamber of Commerce and Investment, said: “Any foreign company that invests in a country requires economic and banking security to ensure their investment is safe.”

Some economic experts see Russian and other countries’ investments in the oil and gas sector as beneficial.

Abdul Nasir Rashtia, an economic expert, said: “If Afghanistan can work with the Russians, without a doubt, the Russians have significant trade in this sector and have previously worked in the oil sector in Afghanistan. I think if this happens, it can indeed foster regional cooperation.”

According to statistics from the Ministry of Mines and Petroleum, Afghanistan has over 200,000 square kilometers of oil and gas reserves, but it purchases nearly 90% of its oil and gas needs from Central Asian countries and Iran.