Uzbek Reconstruction and Development Fund to allocate $66 mln to Uzbekneftegaz
Tashkent, Uzbekistan, June 5
By Demir Azizov- Trend:
The Uzbek Reconstruction and Development Fund will allocate a loan worth $ 66 million for the Uzbekneftegaz National Holding Company to purchase high-tech equipment for exploration operations in 2014, a source in government circles told Trend on June 4.
The loan funds will be used to purchase seismic stations, as well as a wide range of equipment for seismic exploration operations.
Uzbekneftegaz plans to transfer $ 170 million for the program of technological upgrading of the enterprises until 2020.
Uzbekneftegas National Holding Company produces 70 billion cubic meters of natural gas and 8 million tons of liquid hydrocarbons per year.
The recoverable proven reserves of hydrocarbons in Uzbekistan as of early 2014 amounted to more than 2.5 billion tons of fuel equivalent. Some 65 percent of this amount falls to natural gas reserves.
The Uzbek Reconstruction and Development Fund was established in 2006 to finance and co-finance the projects included in the state investment program. The founder is the government through the Finance Ministry. Currently, the authorized capital of the fund amounts to $15 billion.
edited by CN