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Lukoil closes debt package for Uzbekistan project

Lukoil Overseas Uzbekistan, a wholly owned subsidiary of Russia's Lukoil, signed an agreement with a consortium of banks in late March to raise a loan of up to $500 million for the development of the Kandym-Khauzak-Shady project in Uzbekistan.
By Joshua Posaner 13 April 2012 Europe & Russia / Companies & Finance 0 9060

Lukoil Overseas Uzbekistan, a wholly owned subsidiary of Russia's Lukoil, signed an agreement with a consortium of banks in late March to raise a loan of up to $500 million for the development of the Kandym-Khauzak-Shady project in Uzbekistan.

The lending consortium includes multilateral agencies the Asian Development Bank (ADB) and the Islamic Development Bank along with French banks Credit Agricole CIB and BNP Paribas. Finally, the Korean Development Bank is also supplying debt.

The loan, which has been approved by the Uzbek authorities, will be used...