VEB.RF, in partnership with banks, to consider participation in the project to modernize the gas transmission system of Uzbekistan
06/04/2021 14:16
VEB.RF, in partnership with banks, to consider participation in the project to modernize the gas transmission system of Uzbekistan
06/04/2021 14:16
Tashkent, Uzbekistan (UzDaily.com) -- VEB.RF, Russian Agency for Insurance of Export Credit and Investment (EXIAR), Gazprombank, Ministry of Finance of the Republic of Uzbekistan, Ministry of Energy of the Republic of Uzbekistan and JSC "Uztransgaz" agreed to cooperate on the implementation of a modernization project gas transportation system in the Republic of Uzbekistan.
The parties will consider the possibility of arranging a syndicated loan up to US$618 million.
"VEB.RF creates conditions for the promotion of Russian products in the oil and gas sector of Uzbekistan - at least 50 percent of the syndicated loan will be used to pay for export deliveries of Russian products and services," said VEB.RF Deputy - Board Member Daniil Algulian.
“Gazprombank has been financing projects in the Republic of Uzbekistan since 2017, and this agreement is a continuation of partnership relations with Uzbek companies. The document is aimed at supporting foreign trade operations and developing the market for international financial services and was the result of effective cooperation with ESCAR to stimulate the supply of domestic products to foreign markets and strengthen the competitive position of Russian exporters, "commented Alexey Belous, Deputy Chairman of the Management Board of Gazprombank.
The VEB.RF Group and the Russian partners of the Development Institute have previously signed a number of agreements aimed at implementing projects in the oil and gas sector of Uzbekistan. So, in December 2020, VEB.RF, Gazprombank and Uzbekneftegaz agreed to cooperate in financing the second stage of the program to increase hydrocarbon production in Uzbekistan; in November 2020, a loan agreement was signed for up to 40 million euros to finance the supply of Russian high-tech products , performing works and rendering services for the construction and modernization of the company's production facilities in order to increase the volume of natural gas production.
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