Uzbekneftegaz intends to attract up to $3 bln in long-term financing in cooperation with Cargill

TASHKENT. Dec 5 (Interfax) - The subsidiary of JSC Uzbekneftegaz for international trade and investments, UNG Overseas, and the corporation Cargill (USA) have signed a cooperation agreement aimed at strengthening Uzbekistan's energy security.

"In accordance with the agreement, the parties have agreed to attract long-term financing in the amount of up to $3 billion, with the possibility of increasing the total limit to $5 billion," the press service of Uzbekneftegaz said.

It is planned that the funds will be directed towards implementing projects related to strengthening the national energy system and supporting the country's reliable resource supply, including considering financing for such areas as ensuring the energy supply of the population and industry, reducing systemic risks and modernizing infrastructure, increasing the efficiency of managing energy and water resources, ensuring the ecological balance and enhancing the competitiveness of industry.

The agreement is intended to promote the increased reliability, efficiency and sustainability of key systems (energy, water management and ecology) in the face of growing energy consumption, climate change and industrial modernization, it said.

The company UNG Overseas will coordinate strategic interaction with international partners, and the corporation Cargill will "offer practical solutions based on its global expertise in the field of structured financing," it said.

JSC Uzbekneftegaz is a multi-level vertically integrated company uniting over 50 enterprises, including 13 joint ventures and 10 main enterprises for hydrocarbon production and processing.