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The foreign economic Bank of the Russian Federation (FEBRF) announced the expansion of cooperation in the field of financing projects in the oil and gas industry of Uzbekistan

The FEBRF, in a consortium with Russian partner banks, is ready to work out financing for the second stage of the program to increase hydrocarbon production implemented in Uzbekistan. The total amount of credit funds planned to be raised is estimated at $ 650 million, according to the Corporation’s website.

The corresponding Memorandum of understanding was signed between the management of Uzbekneftegaz JSC and the Russian development Institute at the headquarters of the foreign Economic Bank of the Russian Federation. Deputy Chairman of the FEBRF Daniil Algulyan and Chairman of the management Board of Uzbekneftegaz JSC Mehriddin Abdullayev signed the document.

“The Republic of Uzbekistan is one of the leading partners of the FEBRF in a number of projects. With the support of FEBRF, projects to finance the supply of Russian high-tech products to the Republic of Uzbekistan are already successfully being implemented. As part of our efforts to strengthen Russian-Uzbek trade and economic cooperation, we and our partners from Uzbekistan announce the expansion of cooperation in the field of financing projects in the oil and gas industry”, said Daniil Algulyan.

“By signing this Memorandum, we are moving to a completely different level of cooperation. We are confident that this will give a powerful impetus to the development of mutually beneficial bilateral relations”, Mehriddin Abdullayev said.

Earlier, the FEBRF and Uzbekneftegaz JSC signed an agreement to open a credit line of up to 40 million euros to Finance the supply of Russian high-tech products, perform works and provide services aimed at upgrading the production facilities of Uzbekneftegaz JSC.