Tashkent, Uzbekistan (UzDaily.com) -- Uzbekneftegaz and the State Development Corporation VEB.RF have achieved the first successes on the path of building mutually beneficial cooperation.

In particular, in September 2020, within the framework of the visit of the delegation of VEB.RF and Russian companies headed by the Chairman of VEB.RF Igor Shuvalov to the Republic of Uzbekistan, working meetings of the management of Uzbekneftegaz and VEB.RF took place. This was reported by the press service of Uzbekneftegaz.

The parties reached an agreement on the organization of attracting credit funds from the State Development Corporation for projects in the oil and gas industry of the Republic of Uzbekistan.

In a short time, Uzbekneftegaz and VEB.RF agreed on the necessary documents and conditions for raising financing for the supply of products of the largest Russian manufacturing companies (works and services) in order to increase the volume of exploration and drilling operations in the Republic of Uzbekistan. The parties signed an agreement to open a credit line up to 40 million euros on competitive terms.

It is noted that these funds will make it possible to timely provide the imported material and technical resources for drilling about 150 wells and carrying out a complex of capital repairs in 2021. These measures will ensure the achievement of the target indicators of hydrocarbon production for the needs of the economy of the Republic of Uzbekistan.

The debut fundraising by VEB.RF contributes to the dynamic development of Uzbek-Russian multifaceted cooperation.