Tashkent, Uzbekistan, Feb. 2
By Mammad Dashdemirov – Trend:
The guarantee agreement implying indemnity guarantees compensation on a short-term loan of Bank GPB International S.A. issued to the Uzbek-Russian JV Natural Gaz-Stream LLC in the amount of $200 million was approved at the extraordinary shareholders' meeting of Uztransgaz JSC, Uztransgaz told Trend.
The funds are intended to pay for the construction of technological facilities, to be built by Singapore’s Enter Engineering PTE LTD, the purchase of equipment and special machinery from ERIELL Oilfield Services Middle East DMCC (UAE), as well as the commission of Uztransgaz for the transit of natural gas imported into Russia.
The loan agreement between Bank GPB International S.A. and JV Natural GAZ-STREAM was signed in December 2017. The interest rate will be a three-month LIBOR plus 4.7 percent per annum in the first interest period and a one-month LIBOR plus 4.7 percent per annum in the further years.
It was previously reported that to repay the loan of Bank GPB International S.A., the Uzbek leadership allowed Natural GAZ-STREAM in 2017-2018 to sell 1.125 billion cubic meters of natural gas proceeding from the estimated export price of natural gas at $185 per 1,000 cubic meters. Its volumes can be adjusted if necessary.
Bank GPB International S.A. was founded by Gazprombank JSC in 2013.
Natural GAZ-STREAM was established in late 2016 for exploration and development of gas fields in Ustyurt region.
Uztransgaz specializes in the transportation, transit and storage of natural gas.
(8,175.77 UZS = $1 on Feb. 2)