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Lukoil Secures $500 Million Loan From Bank Consortium For Uzbek Project

03/30/2012 | 03:35am 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, jacob.pedersen@dowjones.com

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