Natural Gas Stream plans to attract a loan to Bank GPB International
17/05/2019 14:01
Natural Gas Stream plans to attract a loan to Bank GPB International
17/05/2019 14:01
Tashkent, Uzbekistan (UzDaily.com) -- Natural Gas Stream joint venture plans to attract a loan from Bank GPB International S.A. (Luxembourg) in the amount of 176.5 million euros for the implementation of the Program to increase hydrocarbon production in Uzbekistan for 2017-2021.
The government of Uzbekistan issued a resolution “On measures to attract a loan from Bank GPB International S.A. as part of the implementation of the first phase of the Program to increase hydrocarbon production for 2017-2021”.
The document notes that the Natural Gas Stream JV and Uzbekneftegaz have worked on the issue of attracting a loan from Bank GPB International S.A. (Luxembourg) in the amount of 176.5 million euros for the implementation of the Program to increase hydrocarbon production in Uzbekistan for 2017-2021.
The joint venture should repay the loan of Bank GPB International S.A. until the end of 2020. The interest rate will be a one-month Euribor plus 4.95 percent per annum.
The government of Uzbekistan approved proposals to sell more than 1.4 billion cubic meters of gas of Natural Gas Stream in 2019-2020 based on the estimated export price of US$185 per 1,000 cubic meters for its further export under a commission agreement to fulfill its obligations.
As part of the implementation of the first phase of the Program to increase hydrocarbon production for 2017–2021, as of May 1, 2019, 222 new construction projects were completed and 229 existing oil and gas wells were overhauled with a capital investment of US$644.1 million and 701.8 billion soums.
Natural Gas Stream produced 4.4 billion cubic meters of natural gas and 210.2 thousand tons of liquid hydrocarbons.
It should be noted that Natural Gas Stream was created at the end of 2016 for exploration and development of gas fields in the Ustyurt region.
The company conducts exploration work on the investment blocks Sechankul, Akjar and Chimbay, and also develops the fields of Urga, Akchalak and Chandyr group
Natural Gas Stream was established by Gas Project Development Central Asia (a subsidiary of Gazprom International) and Uzbekneftegaz.
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