Russian VEB.RF Corporation to finance export supplies to Uzbekneftegaz

Uzbekistan Materials 20 November 2021 10:54 (UTC +04:00)

BAKU, Azerbaijan, Nov 20

By Natavan Rzayeva - Trend:

Russian VEB.RF Corporation will finance the supply of Russian products for the facilities of the Uzbekneftegaz JSC, Trend reports referring to the press-services of the Russian corporation.

VEB.RF and Uzbekneftegaz signed a loan agreement on this matter, in amount of 40 million euros. The corporation will start financing Russian export supplies to Uzbekistan in December 2021.

The credit funds raised will be used mainly to finance contracts of Uzbekneftegaz JSC for the purchase from Russian state-owned enterprises of technological equipment and material and technical resources necessary for geological exploration, drilling and production of hydrocarbons.

These funds will allow expanding the volume of the Uzbekneftegaz's exploration and drilling operations, which will lay the foundation for achieving the set goals for oil and gas production to provide the economy of the Republic of Uzbekistan with fuel and energy resources.