LUKOIL can get US$150m from ADB
15/08/2014 17:18
LUKOIL can get US$150m from ADB
15/08/2014 17:18
Tashkent, Uzbekistan (UzDaily.com) -- The Asian Development Bank (ADB) can provide additional loan and guarantee on commercial risks for US$150 million to Russia’s LUKOIL on its project in Uzbekistan.
According to the ADB website, the bank will provide credit and guarantee on commercial risks to development of Kandym field in Uzbekistan.
At the same time, the sum can be increased. Now, the sides are developing an agreement. The ADB can provide funds in 2015.
LUKOIL Overseas, an operator of international projects of LUKOIL, signed a credit agreement with international consortium of the banks for US$500 million to implement Kandym project.
The consortium includes ADB, Islamic Development and commercial banks - BNP Paribas (Suisse) SA, Korea Development Bank and Credit Agricole CIB. The tranches of commercial banks will be covered with guarantees of ADB and the Multilateral Investment Guarantee Agency (MIGA).
The Asian Development Bank (ADB) is providing a US$100 million loan and US$200 million political risk guarantee for the development of a natural gas field project in Uzbekistan’s southwest.
The agreement on the Khauzak-Shady-Kandym project was signed on June 16, 2004 and entered into force in November 2004. The Khauzak gas field was commissioned in November, 2007 as per schedule. The company increase gas mining up to 3 billion cubic meters within the project. By 2017, LUKOIL plans to increase gas production at Kandym group of fields up to 8-10 billion cubic meters.
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