EXIAR JSC entered into a buyer’s credit insurance agreement with the banks of the Gazprombank Group to implement the project of Uztransgaz JSC to upgrade the gas pipeline system in the territory of the Republic of Uzbekistan.
The provision of a syndicated bridge loan by Gazprombank against EXIAR’s coverage of $ 300 million is the first step in financing the "Program on the gas pipeline system upgrade and performance improvement in the Republic of Uzbekistan for 2021-2022", which provides for the construction, reconstruction and overhaul of 545 km of gas pipelines, as well as overhaul of compressor station installations.
Insurance coverage provided by EXIAR under the loan will support the export of pipe products of Chelyabinsk Pipe-Rolling Plant PJSC and construction and installation services of Nadymstroygazdobycha LLC.
“EXIAR already has a positive experience in supporting large infrastructure projects in Uzbekistan. EXIAR’s insurance coverage makes it possible to optimize the financing structure for such large integrated projects and is an important element in supporting Russian NRE export. We are interested in further active work on projects in various sectors of Uzbek economy within the framework of supporting Russian exporters of high-tech products,” Nikita Gusakov, General Director of EXIAR JSC.
“For many years, Gazprombank has been supporting projects in the Republic and today's agreement with EXIAR JSC will lay the foundation for another mutually beneficial cooperation. In particular, it will help satisfy the need of the gas pipeline system of Uzbekistan for modernization, stimulate the supply of domestic products to foreign markets, promote the development of the international financial services market, and become an important stage in the strategic partnership between Russia and Uzbekistan as a whole,” Aleksey Matveev, Deputy Chairman of the Management Board of Gazprombank JSC.
“Within the framework of a multilateral strategic partnership between the Republic of Uzbekistan and the Russian Federation, with the support of financial institutions, we implement the program on the gas pipeline system upgrade and performance improvement in the Republic of Uzbekistan for 2021-2022. His project is strategically important in terms of improvement of the gas pipeline system of the Republic of Uzbekistan, and we are pleased to announce that we have come to an agreement with Gazprombank JSC and EXIAR JSC to finance it. This allows us to start the project on time, before the autumn-winter period, which is especially important for the uninterrupted supply of natural gas to the population and economy,” Bekhzot Narmatov, Chairman of the Board of Uztransgaz JSC.
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.
Russian Agency for Export Credit and Investment Insurance JSC (EXIAR) was established in 2011. It’s main goal is to support the export of Russian products abroad by insuring exporters against credit and political risks under export credits, as well as by insuring investments against political risks.