LUKOIL draws loan worth up to $500 mln for project in Uzbekistan
Uzbekistan, Tashkent, March 30 / Trend D. Azizov /
LUKOIL Overseas Uzbekistan has today signed an agreement with a consortium of banks to attract a loan worth up to $500 million to implement the Kandym-Khauzak-Shady-Kungrad project in Uzbekistan. It is being implemented under the production sharing agreement (PSA).
The consortium includes the Asian Development Bank (ADB), Islamic Development Bank (IDB), Credit Agricole CIB, BNP Paribas (Suisse) SA and the Korea Development Bank (CDB).
The loan will be used to finance the investment program to develop Kandym group of fields and increase production in Khauzak-Shady.
The feasibility study for the project should be developed and presented to the Uzbek Cabinet of ministers by the abovementioned date. The first queue of Kandym gas processing plant should be commissioned by Oct.1, 2016.
Kandym consists of six gas condensate fields. Its recoverable reserves hit 330 billion cubic meters, and the planned level of production is 11 billion cubic meters of gas per year.
The PSA was signed in 2004.