Tashkent, Uzbekistan (UzDaily.com) -- VEB.RF Group and Russian partners of the Development Institute signed a number of agreements aimed at implementing projects in the oil and gas sector of Uzbekistan. The documents were signed in the presence of VEB.RF Chairman Igor Shuvalov and Minister of Energy of the Republic of Uzbekistan Alisher Sultanov. This was reported by the press service of VEB.RF.

VEB.RF, Gazprombank (Joint Stock Company) and Uzbekneftegaz have agreed to cooperate in financing the second stage of the program to increase hydrocarbon production in Uzbekistan. Gazprombank and VEB.RF are considering the possibility of advanced financing of the project. 

The funds, in particular, are planned to be used to pay for the work of Russian contractors and suppliers. The parties are discussing the conditions for providing a bridge loan of up to US$100 million, while Uzbekneftegaz will attract at least 50% of the loan funds in Russian rubles. In early November 2020, VEB.RF and Uzbekneftegaz signed a loan agreement for up to 40 million euros to finance the supply of Russian high-tech products, perform work and provide services for the construction and modernization of the company’s production facilities in order to increase the volume of natural gas production.

Also, a cooperation agreement was signed between Uztransgaz and VEB.RF on financing the supply of Russian products. We are talking about the purchase of Russian-made pipe products, including for the construction of the Yangiyor-Akhangaran gas pipeline, as well as the renewal and re-equipment of the company with special Russian-made equipment.

VEB.RF, EXIAR JSC (VEB.RF Group) and Jizzakh Petroleum agreed to cooperate in the framework of investment projects to increase oil production from fields with hard-to-recover reserves and to develop infrastructure for the sale of petroleum products in the Republic of Uzbekistan.

“In total, with the participation of VEB.RF in the oil and gas sector of the Republic of Uzbekistan, projects are being discussed that provide for the export deliveries of Russian high-tech products and services, in the amount of over US$700 million. Currently, VEB.RF focuses on several projects on the territory of Uzbekistan in various industries - modernization of Almalyk GMK, support of an agrological complex project based on Russian technologies, materials and equipment in the Jizzakh region; a pilot deal for a new format of cooperation between Russia and Belarus for the supply of mining trucks for one of the largest enterprises for the extraction of copper, gold and silver - Almalyk GMK, negotiations are underway with the city administration to participate in the project for the improvement of Tashkent," said Igor Shuvalov.

VEB.RF Group actively participates in the development of economic relations between the two countries. Over the past two years, with the participation of VEB.RF, transactions have been successfully implemented for the supply of Russian cars for the Tashkent metro, equipment for the power industry, financing has been opened for a project to supply mainline freight electric locomotives to Uzbekistan.