Uzbek energy company secures 650 mln USD credit line from Russian state corporation

Uzbek state oil and gas company Uzbekneftegaz and Russia’s state development corporation VEB.RF have signed a memorandum on 650 million U.S. dollars credit line to boost hydrocarbon production in Uzbekistan, Uzbekneftegaz said Monday.

The memorandum was signed last week following talks in Moscow, the Uzbek energy firm said, adding that this is a second credit line provided by VEB.RF. The document will serve as the basis for financing the implementation of the projects to increase hydrocarbon products and provide the country’s economic sectors and population with sufficient energy resources, it said.

The first credit line of VEB.RF in the amount of 40 million euros was to finance the supply of Russian high-tech products to modernize production facilities of Uzbekneftegaz. VEB.RF is a state development corporation of the Russian Federation with the main task of contributing to the long-term economic development of Russia.