Uzbekneftegaz Signs Refinancing Mandate With Bank Of China

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 24. Uzbekistan's JSC Uzbekneftegaz and Bank of China's Japan branch have signed a mandate agreement to refinance high-interest loans previously raised by the Uzbek oil and gas company under state guarantees on Sept. 23 in Tokyo.

This was reflected in the statement by Uzbekneftegaz, following a meeting between an Uzbekneftegaz delegation led by its first deputy chairman and representatives of Bank of China in Tokyo.

According to the information, in the course of the meeting, the sides also agreed on the key terms of the refinancing, which is expected to help Uzbekneftegaz manage its debt obligations more efficiently and reduce interest expenses.

“The refinancing mechanism will contribute to more effective management of the company's loan obligations, reduce interest expenses and improve the efficiency of financial resource use,” Uzbekneftegaz said.

The discussions also covered measures to strengthen Uzbekneftegaz's financial position, optimize its loan portfolio and rationalize financial expenses.

The agreement is being implemented as part of tasks set by a coordination commission under Uzbekistan's Cabinet of Ministers.

Uzbekneftegaz and Bank of China also discussed potential financing for long-term investment projects and agreed to further expand financial cooperation, including support for prospective projects.

The refinancing agreement comes as Uzbekneftegaz works to improve the structure of its liabilities and reduce the financial costs associated with existing borrowing.

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