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JPMorgan Chase Bank eager to support Uzbekneftegaz in trade financing projects dev't

Uzbekistan Materials 5 June 2023 10:55 (UTC +04:00)
JPMorgan Chase Bank eager to support Uzbekneftegaz in trade financing projects dev't
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, June 5. JPMorgan Chase Bank is eager to support Uzbekneftegaz JSC, state-owned holding company of Uzbekistan's oil and gas industry, in developing their trade financing projects, Trend reports.

The issue was discussed at the meeting aimed at enhancing cooperation and expanding contacts for joint project financing between the management teams of the organizations.

The bank representatives were briefed on the current status and achieved results of projects implemented by Uzbekneftegaz in various areas such as transformation and gas extraction. JPMorgan Chase Bank also provided information on credit project risks, the Export Credit Agency (ECA) loan process for project financing, and international financial markets.

The US bank representatives expressed their views on trade financing of projects carried out by Uzbekneftegaz and agreed to expedite this process. Negotiations were also conducted with representatives of foreign banks on hedging and risk reduction in financial assets. The meeting also discussed financial instruments offered by the bank for projects implemented by Uzbekneftegaz.

Meanwhile, recently, Uzbekneftegaz, together with Azerbaijan's SOCAR have agreed to create a joint venture for trading.

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