JP Morgan & Chase Bank engaged in talks with Uzbekneftegaz's leadership to discuss cooperation and increased funding for joint initiatives.
The American banking group agreed to accelerate the allocation of trade financing for Uzbekneftegaz projects, while also exploring other financial instruments. The meeting addressed credit risks, attracting funds from export credit agencies, and strategies for hedging and risk reduction.
This comes after JP Morgan & Chase previously provided a credit line of $38.9 mn for a float glass plant construction project in Uzbekistan's Fergana region. Uzbekneftegaz and Azerbaijani SOCAR have also confirmed plans for a trading joint venture.