Chairman of the Board of Uzbekneftegaz holds talks with a group of heads of Russian financial institutions
Tashkent, Uzbekistan (UzDaily.com) -- On 17 September 2020, Chairman of the Board of Uzbekneftegaz Mehriddin Abdullayev met with the heads of Vnesheconombank, Gazprombank and the EXIAR insurance agency who visited Tashkent.
Expanding and strengthening cooperation with Russian international financial institutions is one of the priority tasks of Uzbekneftegaz. During the negotiations, the conditions for attracting US$650 million were discussed within the framework of the "Program for increasing hydrocarbon production for 2017-2021".
It should be noted that in accordance with the decree of the President of the Republic of Uzbekistan "On priority measures to increase the financial stability of the oil and gas industry" from 4 April 2020, it is envisaged to attract US$250 million of foreign loans under the state guarantee for the implementation of the "Program for increasing hydrocarbon production for 2017-2021".
Loans from Russian financial institutions are issued for a period of 10 years, they are allocated for two years in 4 tranches. At the same time, the purchase of equipment and material and technical resources from Russian manufacturers will provide a loan on more favorable terms.
Chairman of the Board of Uzbekneftegaz Mehriddin Abdullayev with Deputy Chairman of the Board of Gazprombank A. Belous and head of the insurance agency EXIAR N. Gusakov also discussed the issue of long-term loans in the amount of US$100 million for geological exploration and drilling of wells, which Uzbekneftegaz plans to be held in 2021.
In order to attract loans in the above areas, a "Working Group" was created, the Deputy Chairman of the Board of the company Ulugbek Ashurov was appointed responsible.
The negotiations were held on mutual trust, friendship and interest. The Russian side expressed satisfaction with the improvement in the financial condition of Uzbekneftegaz this year, the transition of the industry to market principles, the introduction of an audit system in accordance with international standards, and also expressed interest in further expanding financial cooperation.
It should be noted that Gazprombank is one of the reliable partners of Uzbekneftegaz and has allocated about US$1 billion in loans to finance projects in the oil and gas sector.
In particular, the construction of the GTL plant, the first stage of the program to increase hydrocarbon production for 2017-2021, can be cited as an example.
It is worth noting that the meeting was organized within the framework of the visit of the delegation of the Chairman of the Board of the State Development Corporation "VEB RF" Igor Shuvalov to Uzbekistan.