Lukoil, one of Russia’s largest energy companies, has secured a five-year US$500mn loan to finance gas field developments in Uzbekistan.

The debt, priced at three-month Libor +3% was provided by a syndicate of international banks. These are: Intesa Sanpaolo, Natixis, Mizuho, UniCredit, VTB Bank, ING, Raiffeisenbank of Russia and Raiffeisen International.

It will be used to develop the Gissar gas fields in the Kashkadarya region of Uzbekistan – a group of seven gas condensate fields which have approved geological reserves of 100 million TOE (tonne of oil equivalent).

The borrower is a wholly-owned subsidiary of Lukoil, Soyuzneftegaz Vostok Limited.