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Lukoil to develop the project in Uzbekistan

June 06/2011

(Lukoil) -- Lukoil intends to raise USD 500 mln to finance on a limited resource basis the development of Khausak-Shady-Kandym project in Uzbekistan. The lenders consortium is expected to include international financial organizations, the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) and commercial banks. The commercial part of the facility structure is expected to include risk insurance to be provided by ADB and the Multilateral Investment Guarantee Agency (MIGA).

The banks are now seeking internal approval for the transaction. However, the transaction is still subject to the government approval from the Republic of Uzbekistan. It is expected that financing will be closed in Q3 2011.

The loan proceeds will be used to finance the investment program of the Kandym field development and production enhancement at the Khauzak-Shady field.

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