BAKU, Azerbaijan, Apr. 6
By Ilkin Seyfaddini – Trend:
Uzbekistan will allocate $650 million for further financing of the Increase of hydrocarbon production program for 2017-2021, Trend reports citing Uzbek media.
Uzbek President Shavkat Mirziyoyev signed a resolution on priority measures to improve the financial stability of the oil and gas industry.
The document provides for the attraction of credit funds from the Silk Roads Fund and foreign commercial banks in the amount of $250 million, as well as $400 million at the expense of export credit agencies for further financing the Increase of hydrocarbon production program in 2017-2021.
The Ministry of Energy together with the Ministry of Investment and Foreign Trade and Uzbekneftegaz JSC have been instructed to ensure the attraction of funds by June 1, 2020.
The Ministry of Finance is authorized to give out the state guarantees, in accordance with the established procedure on JSC Uzbekneftegaz obligations, to the Silk Roads Fund and foreign commercial banks on attracted loans in the amount equivalent to $250 million to finance the program.
---
Follow author on Twitter: @seyfaddini