Russian Bank ready to expand co-op with Uzbekistan in oil, gas sector
BAKU, Azerbaijan, Nov. 20
By Klavdiya Romakayeva - Trend:
Russian Bank for Development and Foreign Economic Affairs (VEB.RF), together with Russian partner banks, expressed readiness to work out the financing of the second stage of the program to increase hydrocarbon production, implemented in Uzbekistan, Trend reports referring to the press service of VEB.RF.
The total volume of loans planned for the attraction is estimated at $650 million.
A corresponding memorandum of understanding was signed between the management of Uzbekneftegaz and the Russian development institute at the headquarters of VEB.RF.
“Uzbekistan is one of the leading partners of VEB.RF in a number of projects. With the support of VEB.RF, projects are already being successfully implemented to finance the supply of Russian high-tech products to Uzbekistan. We with our partners from Uzbekistan declare the expansion of cooperation in financing projects in the oil and gas industry as part of the work to strengthen Russian-Uzbek trade and economic cooperation," the Deputy Chairman of VEB.RF said.
Earlier, VEB.RF and Uzbekneftegaz signed an agreement to open a credit line of up to 40 million euros to finance the supply of Russian high-tech products, perform work, and provide services aimed at modernizing production facilities of Uzbekneftegaz.
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