Asian Development Bank to give additional $150 million to Lukoil for project in Uzbekistan
The Asian Development Bank (ADB) will provide an additional loan and guarantees for commercial risks to the amount of $150 million to Lukoil for the development of the Kandym field in Uzbekistan, the bank reports on its website.
"These are preliminary figures, the new agreement is being developed," – a source in the ADB office in Uzbekistan specified to the RIA Novosti. It is assumed that the funds can be allocated in 2015.
In March 2012, Lukoil Overseas Holding Ltd. (operator of Lukoil’s international projects) signed a loan agreement with a consortium of international banks to the amount of $500 million for the implementation of the Kandym project. ADB within the consortium provided a loan for $100 million and risk guarantees for the commercial part of the financing in the amount of $200 million to the Russian company. In addition to ADB, the consortium of lenders includes the Islamic Development Bank and commercial banks: BNP Paribas (Suisse) SA, Korean Development Bank and Credit Agricole CIB. The tranches of the banks are covered by guarantees from ADB and the Multilateral Investment Guarantee Agency.