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FRDU to issue US$66m to Uzbekneftegaz to buy drilling equipment

2 June 2014

Fund for Reconstruction and Development of Uzbekistan (FRDU) will issue a loan for US$66 million to Uzbekneftegaz national holding company to buy high technological equipment to hold exploration works, RIA Novosti reported quoting source in the holdings.

The Government of Uzbekistan entrusted Uzbekneftegaz to develop a feasibility study of the project with attraction of the FRDU loan for US$66 million by the end of May 2014, the source said. He said that the funds will be used to purchase seismic stations and other equipment to conduct seismic works.

Earlier reported that Uzbekneftegaz will direct US$170 million to programme of technological re-equipment of exploration and drilling enterprises till the end of 2020. The equipments are purchased to increase reserves of hydrocarbons.

The capacities of Uzbekneftegaz currently allows to produce 70 billion cubic meters of natural gas and 8 million tonnes of oil a year.

According to the holding, mineable reserves of hydrocarbons of Uzbekistan makes up 2.5 billion tonnes of conditional fuel as of 1 January 2014, of which about 65% fell to share of gas reserves.

Fund for Reconstruction and Development of Uzbekistan (FRDU) was founded in May 2006 with the decree of the President of Uzbekistan with the charter capital of US$1 billion. Currently, its capital makes up US$15 billion.

The fund was created to finance and co-finance important investment projects, included to the state investment programme.