Tuesday, 18, May, 2021

The Ministry of Finance, Uztransgaz, VEB.RF, the Russian Agency for Insurance of Export Credits and Investments and Gazprombank have agreed to cooperate on the implementation of the Uzbekistan’s gas transportation system modernization project, VEB.RF’s press service said.

The parties will consider the possibility for a US$ 618 million syndicated loan.

“VEB.RF is facilitating promotion of Russian products in the Uzbek oil and gas sector - at least 50% of the syndicated loan amount will be used to pay for export deliveries of Russian products and services,” said Daniil Algulyan, Deputy Chairman/BOD Member at VEB.RF.

In December 2020, Uzbekneftegaz VEB.RF, and Gazprombank agreed to cooperate in financing the second stage of the program to increase hydrocarbon production in Uzbekistan; in November 2020, a 40 million-euro loan agreement was signed to finance the supply of Russian products for construction and modernization of production facilities of the company in order to increase the volume of natural gas production.

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