By Eurasianet - Jun 18, 2026, 1:00 PM CDT
Azerbaijan's state-owned AzerGold will help develop Uzbek gold deposits and support mineral processing and marketing efforts.
NEQSOL Holding will participate in projects targeting critical mineral exploration and development in Uzbekistan.
The two countries also signed banking cooperation agreements and announced plans for a major tourism resort and expo center at Lake Aydarkul.
Azerbaijan and Uzbekistan are strengthening economic connections, signing a variety of agreements covering mining, banking and tourism.Uzbek Prime Minister Abdulla Aripov and his Azerbaijani counterpart, Ali Asadov, presided over a signing ceremony on June 16 in Tashkent of a cooperation agreement under which the two countries will jointly develop an Uzbek gold deposit as well as other mineral resources. Ural Yusupov, Uzbekistan’s deputy mining minister, previously indicated that Tashkent was intent on conducting comprehensive surveys of precious metal deposits in the Kashkadarya and Surkhandarya regions, along with critical mineral deposits in Karakalpakstan and the Jizzakh region. The Azerbaijani entity CJSC AzerGold will be the chief partner in developing the Uzbek gold deposit. It appears that Uzbek officials are interested in gaining experience in the processing and marketing of gold products. The Azerbaijani state-owned company bills itself as having experience in building “an integrated value chain for the exploration and development of ore deposits, production, processing and sales of precious metals.”An international entity, NEQSOL Holding, will participate in the critical minerals component of the agreement. Having launched its mining-sector operations only last year, the conglomerate “is focused on enhancing competitiveness in mining through modernization, the introduction of advanced technologies, and adherence to internationally recognized evaluation standards such as the JORC Code,” according to a company statement. NEQSOL Holding maintains executive offices in Azerbaijan, the Netherlands, and Ukraine. Specific terms of the mining agreements were not immediately released.In addition, Azerbaijani and Uzbek officials signed an agreement to improve mutual banking operations and announced an investment deal to build a tourist resort and expo center in the Jizzakh region on the shores of Lake Aydarkul, one of Uzbekistan's largest lakes, modeled after facilities in Azerbaijan.By EurasianetMore Top Reads From Oilprice.comOil Prices Slide After U.S. and Iran Sign Ceasefire AgreementIEA Sees Massive Oil Surplus In 2027 As Middle East Supply ReturnsFalling Murban and Dubai Prices Open Arbitrage to U.S. and Europe
