The Asian Development Bank and Islamic Development Bank entered to the consortium and issued US$100 million each for 8 years.

Three other banks of the consortium issued US$175 million for seven years. Korean Development Bank allocated US$75 million, Credit Agricole CIB and BNP Paribas (Suisse) SA – US$50 million each. Other US$125 million in line with the agreement with the creditors will be received by Lukoil within 18 months from the date of signing of credit agreement.

The sum can be received through increasing share of participating banks of the consortium or attracting new creditors.

The tranches of commercial banks will be covered with guarantees of ADB and the Multilateral Investment Guarantee Agency (MIGA). Average interest rate of the eight-year loan is set at 5% plus LIBOR.

The loan was approved by the Government of Uzbekistan and it will be directed to investment programme on development of fields in Kandym group and increasing production at Khauzak-Shady fields. This is the first large-scale loan to private company, working in fuel-energy industry of Uzbekistan.

During the signing ceremony, the consortium participants underlined that the project will put Uzbekistan into the map of oil and gas sector.

The agreement on the Khauzak-Shady-Kandym project was signed on June 16, 2004 and entered into force in November 2004. The Khauzak gas field was commissioned in November, 2007 as per schedule. The project provides that Kuvachi-Alat field will be put into operation in 2014. Reserves of the project are 330 billion cubic meters of gas and it is planned to produce 11 billion cubic meters of gas a year.