Tashkent, Uzbekistan (UzDaily.com) - As part of the visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to the Russian Federation, Uzbekneftegaz with VEB.RF signed a loan agreement for 40.0 million euros.

Deputy Head of the Supervisory Board of VEB.RF D.V. Algulyan and Chairman of the Board of JSC "Uzbekneftegaz" Mehriddin Abdullayev signed this agreement.

The funds raised will be used mainly to finance contracts of Uzbekneftegaz for the purchase of technological equipment and material and technical resources from Russian state-owned enterprises necessary for exploration, drilling and production of hydrocarbons.

The state development corporation VEB.RF is one of the reliable financial partners of the "Uzbekneftegaz" company in the framework of projects and activities in the oil and gas sector of our country.

It is worth noting that in 2020 the VEB.RF corporation signed an agreement in the amount of 40 million euros, within the framework of which the necessary products and services were purchased.

Attraction of these credit funds will allow to expand the volume of the company's exploration and drilling operations, which will lay the foundation for achieving the set goals for oil and gas production to provide the economy of the Republic of Uzbekistan with fuel and energy resources.

The State Development Corporation VEB.RF is a state investment bank that finances economic development projects, the main task of which is to contribute to the long-term economic development of economic sectors by financing large-scale projects aimed at developing infrastructure, industry, social sphere, strengthening technological potential and improving the quality of life of the population.