Lukoil Raises $500M to Finance Gissar Project in Uzbekistan
Lukoil has raised $500 million to finance the development of the Gissar group’s gas condensate fields in Uzbekistan.
The loan was provided by a consortium of commercial banks including Intesa Sanpaolo Bank Luxembourg S.A. (Luxembourg), Natixis (France), Mizuho Bank, Ltd. (Japan), UniCredit S.p.A. (Italy), VTB Bank (Deutschland) AG (Germany), ING Bank N.V. (The Netherlands), AO Raiffeisenbank (Russia) and Raiffeisen Bank International AG (Austria).
The Production Sharing Agreement on the Gissar project was signed in January 2007. The first gas fields – Djarkuduk – Yangi Kyzylcha – were commissioned in December 2011 the Gissar block reached its target production level of more than 1.1 bcm of natural gas per year in 2012. In March 2016, the field support base started its operations and the allocation of personnel began.
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