Uzbekistan Minister of Energy Alisher Sultanov and VEB.RF Chairman Igor Shuvalov oversaw the signing of a number of oil and gas project deals, as part of the Uzbek Minister’s visit to Russia.

Uzbekneftegaz, VEB.RF and Gazprombank have agreed to cooperate in project financing of the Phase II of the oil and gas increase production program in Uzbekistan. Gazprombank and VEB.RF are considering the possibility of advanced financing of the project.

The cash, in particular, will be used to pay the invoices of Russian contractors and suppliers. The parties are discussing the conditions for providing of a USD 100 million bridge loan, while at least 50% of the loan will be contributed in Russian rubles. In early November 2020, Uzbekneftegaz and VEB.RF signed a 40 million euros loan agreement to finance the supply of Russian goods products, provided works and services for construction and modernization of the company's production facilities in order to increase the gas production.

Also, a cooperation agreement was signed between Uztransgaz and VEB.RF on financing the supply of Russian products, namely for the purchase of Russian-made pipe products, including for construction of Yangiyer-Akhangaran gas pipeline, as well as the renewal and re-equipment of the company with special Russian-made equipment.

VEB.RF, EXIAR JSC (a VEB.RF subsidiary) and Jizzakh Petroleum agreed to cooperate for increasing oil production from fields with hard-to-reach reserves and to develop infrastructure for the oil sale points in Uzbekistan.

“Oil and gas sector projects with the participation of VEB.RF are being discussed that provide for the export of 700 million US dollar worth of Russian products and services. Currently, VEB.RF is focusing on several Uzbekistan projects in various industries - modernization of Olmaliq MMC, support of an agrologistical complex project based on Russian technologies, materials and equipment in the Jizzakh province; a pilot deal of a new format of cooperation between Russia and Belarus for the supply of mining trucks to the Uzbek mining giant - the Olmaliq MMC, negotiations are underway with the city administration to participate in the project for the improvement of Tashkent," said Igor Shuvalov.

Over the past two years, with the participation of VEB.RF, transactions have been successfully implemented for the supply of Russian railcars for the Tashkent metro, equipment for the power industry, financing has been opened for a project to supply mainline freight electric locomotives to Uzbekistan.