Russian insurance agency to fund Uzbekistan’s hydrocarbon raw materials production

Russian insurance agency to fund Uzbekistan’s hydrocarbon raw materials production

BAKU, Azerbaijan, Nov. 24

By Klavdiya Romakayeva - Trend:

The Russian Agency for Export Credit and Investment Insurance (EXIAR) will provide $150 million to finance the second stage of the program to increase hydrocarbon production for 2017-2021, Trend reports referring to the press service of Uzbekneftegaz.

The Chairman of the Board of Uzbekneftegaz JSC Mehriddin Abdullaev and the General Director of Russian Agency for Insurance of Export Credits and Investments JSC Nikita Gusakov discussed projects of Uzbekneftegaz JSC aimed at increasing hydrocarbon production within the framework of which the issue of obtaining insurance coverage for loans from Russian banks is being worked out.

The insurance agency takes an active part in organizing the financing of the second stage of the Program for increasing hydrocarbon production for 2017-2021, providing coverage in the amount of $150 million on a loan from a syndicate of Russian banks under development.

Another promising area of cooperation is attracting funds for EXIAR coverage for the purchase of material and technical resources for drilling and geological exploration in 2021, which will become the basis for intensifying hydrocarbon production.

Uzbekneftegaz JSC is actively working on the modernization of oil and gas facilities in order to ensure the predicted level of hydrocarbon production and provide the country's economy and the population of the republic with hydrocarbon raw materials.

The parties discussed the parameters of insurance coverage, reducing loan costs, establishing the optimal loan rate, as well as indicative conditions for financing the purchase of high-tech equipment and services of Russian production.

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Follow the author on Twitter: @romakayeva

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