Lukoil Gets $500 mn Loan to Develop Uzbek Gas Project

Russia's Lukoil has secured a $500 million loan to develop Kandym-Khauzak-Shady-Kungrad gas project in Uzbekistan.

The company plans to develop the Kandym fields and enhance output in Khauzak-Shady area.

Lukoil estimates the reserves at 330 billion cubic meters of gas and is working with an expected production rate of 11 Bcm/year of gas.

The Russian energy firm holds 90% in in Khauzak-Shady-Kandym and the rest is owned by Uzbekneftegaz.