VEB.RF, in a consortium with Russian partner banks, is ready to work out the financing of the phase II of the program to increase hydrocarbon production being implemented in Uzbekistan. The total volume of loans planned to be received is US$ 650 million, the corporation said.
A corresponding memorandum of understanding was signed between the management of Uzbekneftegaz and the Russian development institute at the headquarters of VEB.RF. The MoU was signed by the Chairman of the Board of Uzbekneftegaz Mehriddin Abdullaev and the Deputy Chairman of VEB.RF Daniil Algulyan.
“By signing this Memorandum, we are now at a completely different level of cooperation. We are confident that this will give a powerful impetus to the development of mutually beneficial bilateral relations,” Mehriddin Abdullayev said.
“The Republic of Uzbekistan is one of the leading partners of VEB.RF in a number of projects. Several projects are already being successfully implemented with the support of VEB.RF to finance the supply of Russian high-tech products to Uzbekistan. As part of the efforts to enhance Uzbek - Russian trade and economic ties, we with our Uzbek partners declare the expansion of cooperation in financing projects in the oil and gas industry," said Daniil Algulyan
Earlier, Uzbekneftegaz and VEB.RF signed an agreement on opening of a 40 million euro credit line to finance the supply of Russian products, work and services aimed at modernizing Uzbekneftegaz’s production facilities.