[Excerpt] Uzbekistan holds an estimated 1.84 trillion cubic meters  of proven natural gas reserves. Russia's  Lukoil has significant investments in the country and has plans to export gas to China. China and Uzbekistan signed an agreement in June 2012 to sell an annual 10 bcm of Uzbek natural gas to China. Uzbekistan is also a transit country for Turkmenistan's gas exports to Russia and China. At the same time, China's Eximbank agreed to provide $74 million to modernize Uzbekistan's gas distribution network to facilitate the flows to China. CNPC established the Sino-Turkmenistan Gas Pipe Corporation to construct a 1,140-mile gas export pipeline from Turkmenistan's eastern fields through Uzbekistan to western China and the interconnection with China's West-East pipeline.  Turkmenistan is designed to be the key contributor of gas to China through this pipeline,  but after Uzbekistan country finalized a gas supply deal with China at the end of 2011, it started exporting its own gas earlier this year. The agreement with Beijing allows the ex-Soviet republic to break away from Moscow's orbit of influence.  Uzbekistan is fully aware of the cost of dependency on Russia when it refused to buy gas from Turkmenistan, contributing to an economic crisis in that country; hence Uzbekistan is seeking to increase its cooperation with China and other countries looking to tap into its vast energy resources.  Read full report here. 

Standard & Poor's has affirmed the international credit ratings of the National Bank for Foreign Economic Activity of Uzbekistan (NBU), the largest commercial bank in the country, at the level of B+/B with a "stable" forecast, the bank said today.

As previously reported, S&P raised the long term counterparty rating of NBU to B + from B and affirmed the short term rating at B in accordance with updated methodology of assigning ratings in December.

According to the agency, assigned ratings reflect an adequate business position, an adequate position on risk, performance above the average level of funding and adequate liquidity of the bank.

The NBU was founded in September 1991 as a government agent in international financial markets. Today, it acts as a universal commercial bank.

The Bank is wholly owned by the state.

The bank has approximately 100 branches and offices, and the subsidiary AsiaInvestBank in Moscow. The bank serves about 2.5 million physical and legal entities. Correspondent relations have been established with 650 foreign banks.

In 2011, the assets of the NBU, calculated by international financial reporting standards (IFRS) increased by 13.3 percent compared to the same period in 2010 - up to 7.876 trillion soum, credit portfolio - by 17.9 percent to 4.686 trillion soum, liabilities - by 13.7 percent to 7.104 trillion soum, own capital - 10 per cent, to 771.57 billion soum.

Net profit of the NBU in 2011 decreased by 4.5 percent - to 67.598 billion soum.

Official exchange rate on November 20 is 1966.36 soum/$ 1.

A wide range of issues of bilateral relations, including in the political, trade and economic, investment, cultural and humanitarian spheres was discussed during Uzbek-Canadian political consultations held in Ottawa, Foreign Ministry of Uzbekistan said.

The negotiations were attended by delegations of Uzbek Foreign Ministry and Canadian Department of Foreign Affairs and International Trade.

The parties reaffirmed the importance of enhancing parliamentary contacts. In particular, the Uzbek side stressed that establishing Canada - Uzbekistan Friendship Group in the House of Commons in October 2012 is seen as further evidence of the interest of the two countries' legislators in deepening ties.

The parties paid special attention to the state and prospects of development of bilateral trade and investment cooperation. They also emphasized interest in institutionalizing the relations in this area, including through expanding the legal framework.

Proposals on mutually beneficial projects in various sectors of the Uzbek economy, including the Navoi free industrial economic zone and Angren special industrial zone were drawn to the Canadian side's attention.