Tashkent, Uzbekistan (UzDaily.com) -- VEB.RF, in a consortium with Russian partner banks, is ready to work out financing of the second stage of the program to increase hydrocarbon production being implemented in Uzbekistan. The total volume of loans planned for attraction is estimated at US$650 million, according to the corporation’s website.

A corresponding memorandum of understanding was signed between the management of Uzbekneftegaz and the Russian development institute at the headquarters of VEB.RF. The document was signed by the Deputy Chairman of VEB.RF Daniil Algulyan and the Chairman of the Board of JSC Uzbekneftegaz Mehriddin Abdullaev.

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

“By signing this Memorandum, we are reaching 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, VEB.RF and Uzbekneftegaz signed an agreement on opening a credit line of up to 40 million euros to finance the supply of Russian high-tech products, work and provide services aimed at modernizing production facilities of Uzbekneftegaz.