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VEB.RF and Its Partner Banks Ready to Support Uzbekistan’s Project to Increase Hydrocarbon Production

18 november 2020 года
#News
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VEB.RF in partnership with Russian banks is ready to consider financing the second phase of Uzbekistan’s ongoing programme to increase hydrocarbon production. It is intended that the project will require an estimated 650 million dollars US in lending.

The memorandum of understanding in this area was signed by Uzbekneftegaz and the Russian development institution at VEB.RF’s headquarters. The document was signed by VEB.RF’s Deputy Chairman Daniil Algulyan and Uzbekneftegaz’s Chairman of the Board Mehriddin Abdullaev.

“The Republic of Uzbekistan is one of VEB.RF’s leading partners in a whole range of projects. VEB.RF already supports successful projects to finance Russian high-technology exports to Uzbekistan. As part of efforts to strengthen trade and economic cooperation between Russia and Uzbekistan, we and our Uzbek partners announce that we are expanding cooperation in financing for oil and gas projects,” Daniil Algulyan said.

“By signing this Memorandum, we have reached a completely new level of cooperation. We are confident that this will provide further impetus for mutually beneficial bilateral relations,” Mehriddin Abdullaev said.

VEB.RF and Uzbekneftegaz had previously signed a credit line agreement for 40 million euros for finance Russian high-technology exports to Uzbekistan and pay for work and services in relation to the modernisation of Uzbekneftegaz production facilities.


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