Fund for Reconstruction and Development of Uzbekistan has granted credit of $58 million for deposit at Ust-Yurt to Uzbekneftegaz

The Fund for the Reconstruction and Development of Uzbekistan has granted a credit of $58 million for Easter Berdakh deposit at Ust-Yurt to Uzbekneftegaz. The credit is granted for 10 years, including beneficial 3-year period. Interest rate is kept in secret.
The project costing $192.9 million presupposes the construction of a booster station with annual capacity of 2 billion cubic m of gas at the deposit. The project is financed as well using the own funds of the company at a rate of $96.5 million and credits of the Uzbek banks at a rate of $38.4 million.
In November, Uzbekneftegaz announced the tender for the 'turnkey' construction of a booster station with maximum cost of $113.76 million. The results will be presented in the beginning of 2012. The completion of theconstruction of the station will be in Q3, 2012. Uzbekneftegaz capacities are able to provide annual production of 70 billion cubic m of gas and 8 million tons of liquid hydrocarbons.
The Fund for Reconstruction and Development of Uzbekistan was founded in May 2006 for the financing and co-financing of the most important investment projects included to the state investment program. The founder of the entity is the Government of the republic presented by the Ministry of Finance, and 5 largest commercial banks National Bank VED of Uzbekistan, Asaka Bank, Uzpromstroybank, Pakhta Bank and Ipotek Bank. In 2011-2013, the Government is going to raise the authorized capital of the Fund two times to $10 billion.
Translated by Nadezhda Poltoratskaya
Source: http://www.oilru.com/news/295634/