Lukoil secures $500-million loan for Uzbekistan development

PJSC Lukoil said it received a $500-million loan to finance development of the Gissar Group’s gas-condensate fields in southeastern Uzbekistan.

PJSC Lukoil said it received a $500-million loan to finance development of the Gissar Group’s gas-condensate fields in southeastern Uzbekistan (OGJ Online, Mar. 28, 2012).

The 5-year unsecured loan is for Soyuzneftegaz Vostok Ltd., a wholly owned indirect subsidiary of Lukoil, and is provided by a consortium of banks based in Luxembourg, France, Japan, Italy, Germany, the Netherlands, Russia, and Austria.

Lukoil said the production-sharing agreement for the Gissar project was signed in 2007 and the first gas fields were commissioned in 2011. At yearend 2015, proved reserves were 241 million boe, Lukoil said.

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