Lukoil Secures $500 Million Loan From Bank Consortium For Uzbek Project
03/30/2012| 02:35am US/Eastern
Russia's biggest independent oil producer, OAO Lukoil Holdings (LKOH.RS), said Friday it has signed an agreement with a consortium of banks for a loan of up to $500 million to finance a natural gas project in Uzbekistan.
Lukoil unit Lukoil Overseas Uzbekistan Ltd. obtained the loan from the Asian Development Bank, the Islamic Development Bank, Credit Agricole CIB, BNP Paribas SA (>> BNP PARIBAS) and the Korea Development Bank.
The funds will be used to finance development of the Kandym group of fields and for a production increase in the Khauzak-Shady area, Lukoil said.
-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 232-9197, firstname.lastname@example.org