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News

29.09.2021
11:52

The REC Group will finance the investment program of Uzbekneftegaz JSC

The REC Group (part of VEB.RF) will finance the investment program of Uzbekneftegaz JSC to increase exploration and drilling operations. The corresponding memorandum of understanding was signed on the sidelines of the Tashkent International Economic Forum ‘Uzbekistan: Results and Prospects of Economic Reforms’. The document suggests that EXIMBANK OF RUSSIA and EXIAR, members of the REC Group, will provide financial support measures to export Russian pipe products and oil and gas machinery for the amount of up to 30 million euros as part of the investment program of Uzbekneftegaz JSC on increasing exploration and drilling works.

“REC Group is actively involved in various projects in Uzbekistan, and has already had a positive experience of working with Uzbekneftegaz JSC. The new agreement will increase the volume of support for the export of Russian high-tech products in this area,” Nikita Gusakov, General Director of EXIAR JSC, Senior Vice President of REC JSC.

“On behalf of Uzbekneftegaz, I would like to express my gratitude to the REC Group for offering financing on favorable terms, which will allow us to increase the volume of exploration and drilling operations,” Mehriddin Abdullaev, Chairman of the Management Board.

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Russian Export Center JSC (REC, part of VEB.RF) is a state institution for the support of non-resource export. It consolidates a group of companies that provide Russian exporters with a wide range of financial and non-financial support measures. The REC Group integrates the Russian Agency for Export Credit and Investment Insurance (EXIAR JSC), EXIMBANK OF RUSSIA JSC, and ANO Export School, which makes it possible to ensure the availability of the product portfolio that satisfies the needs of various exporters at different stages of the export cycle, from ideation to payment for exported goods and services.