Russian Bank to fund hydrocarbon production projects in Uzbekistan

Oil&Gas Materials 5 November 2020 15:24 (UTC +04:00)
Russian Bank to fund hydrocarbon production projects in Uzbekistan

BAKU, Azerbaijan, Nov. 5

By Klavdiya Romakayeva - Trend:

Russian Bank for Development and Foreign Economic Affairs (VEB.RF) will open a credit line for Uzbekneftegaz up to 40 million euros for projects to increase hydrocarbon production, Trend reports referring to Uzbekneftegaz press service.

In September 2020, working meetings of the management of Uzbekneftegaz and VEB.RF took place within the framework of the visit of the delegation of VEB.RF and Russian companies headed by the Chairman of VEB.RF Igor Shuvalov to Uzbekistan.

The parties reached an agreement on the organization of attracting credit funds from the State Development Corporation for projects in the oil and gas industry of Uzbekistan.

In a short time, Uzbekneftegaz and VEB.RF agreed on the necessary documents and conditions for raising financing for the supply of products of the largest Russian manufacturing companies (works and services) in order to increase the volume of exploration and drilling operations in Uzbekistan.

The parties signed an agreement on opening a credit line up to 40 million euros on competitive terms, which will make it possible to timely provide imported material and technical resources for drilling about 150 wells and carrying out a complex of capital repairs in 2021.

These measures will ensure the achievement of the planned indicators of hydrocarbon production for the needs of the economy of Uzbekistan.

The debut fundraising by VEB.RF contributes to the dynamic development of Uzbek-Russian multifaceted cooperation.


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